UBS Group Cuts Prosperity Bancshares (NYSE:PB) Price Target to $76.00

Prosperity Bancshares (NYSE:PB) had its target price decreased by UBS Group from $77.00 to $76.00 in a research note issued to investors on Thursday,Benzinga reports. UBS Group currently has a buy rating on the bank’s stock.

Several other research firms have also recently issued reports on PB. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Barclays lifted their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.50.

Prosperity Bancshares Price Performance

NYSE:PB opened at $75.43 on Thursday. The company has a 50 day moving average price of $78.93 and a 200-day moving average price of $72.11. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period last year, the firm earned $1.20 EPS. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.08%. Prosperity Bancshares’s payout ratio is 49.26%.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total transaction of $39,240.00. Following the sale, the director now directly owns 110,815 shares of the company’s stock, valued at approximately $8,696,761.20. This trade represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,100 shares of company stock worth $1,004,719. Company insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP increased its position in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC increased its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the period. GAMMA Investing LLC increased its position in Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares during the period. Headlands Technologies LLC purchased a new stake in Prosperity Bancshares in the second quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

About Prosperity Bancshares

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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.