Prosperity Bancshares (NYSE:PB) Raised to “Neutral” at Bank of America

Bank of America upgraded shares of Prosperity Bancshares (NYSE:PB) from an underperform rating to a neutral rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. The firm currently has $80.00 price objective on the bank’s stock.

A number of other research analysts also recently commented on PB. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. UBS Group reduced their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, December 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and an average target price of $81.38.

Prosperity Bancshares Trading Up 1.3 %

Shares of PB stock opened at $74.73 on Tuesday. The company has a market capitalization of $7.12 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. The firm has a fifty day simple moving average of $79.22 and a 200-day simple moving average of $73.11. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the prior year, the firm earned $1.20 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,100 shares of company stock valued at $1,080,364 in the last quarter. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently made changes to their positions in the business. First Hawaiian Bank boosted its position in shares of Prosperity Bancshares by 47.5% during the 4th quarter. First Hawaiian Bank now owns 4,612 shares of the bank’s stock valued at $348,000 after purchasing an additional 1,485 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after buying an additional 9,935 shares during the period. Tidal Investments LLC boosted its holdings in shares of Prosperity Bancshares by 5.7% in the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after buying an additional 209 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of Prosperity Bancshares in the third quarter worth about $372,000. Institutional investors own 80.69% of the company’s stock.

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; 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.