Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) has been given an average recommendation of “Hold” by the ten analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $74.50.
Several research firms have issued reports on PB. Compass Point cut their target price on Prosperity Bancshares to $82.00 in a research note on Thursday, October 20th. Hovde Group lifted their price objective on shares of Prosperity Bancshares to $79.00 in a research report on Thursday, October 13th. DA Davidson reissued a “neutral” rating on shares of Prosperity Bancshares in a research report on Wednesday, December 21st. Wedbush reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a report on Wednesday, September 28th. Finally, StockNews.com began coverage on Prosperity Bancshares in a report on Wednesday, October 12th. They set a “hold” rating for the company.
Prosperity Bancshares Price Performance
PB stock opened at $72.44 on Friday. Prosperity Bancshares has a 1-year low of $64.69 and a 1-year high of $80.46. The business has a 50-day moving average price of $72.45 and a 200 day moving average price of $71.62. The company has a market capitalization of $6.61 billion, a P/E ratio of 12.94, a PEG ratio of 1.16 and a beta of 0.99.
Prosperity Bancshares (NYSE:PB – Get Rating) last posted its quarterly earnings results on Wednesday, October 26th. The bank reported $1.49 EPS for the quarter, missing the consensus estimate of $1.51 by ($0.02). Prosperity Bancshares had a net margin of 43.40% and a return on equity of 7.88%. The business had revenue of $295.37 million during the quarter, compared to the consensus estimate of $297.27 million. During the same quarter in the prior year, the firm posted $1.39 EPS. On average, analysts anticipate that Prosperity Bancshares will post 5.72 earnings per share for the current fiscal year.
Prosperity Bancshares Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th were given a dividend of $0.55 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.52. This represents a $2.20 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Wednesday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 39.29%.
Hedge Funds Weigh In On Prosperity Bancshares
Large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. raised its holdings in Prosperity Bancshares by 166.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 386 shares of the bank’s stock worth $26,000 after purchasing an additional 241 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Prosperity Bancshares by 49.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock worth $29,000 after buying an additional 144 shares during the period. Quantbot Technologies LP purchased a new position in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $34,000. Exchange Traded Concepts LLC purchased a new position in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $46,000. Finally, Covestor Ltd grew its stake in Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares during the period. 81.32% of the stock is currently owned by institutional investors and hedge funds.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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