Prosperity Bancshares (NYSE:PB) Cut to Sell at StockNews.com

StockNews.com cut shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.

A number of other analysts have also weighed in on the stock. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Barclays lifted their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Tuesday. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $81.38.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $73.39 on Wednesday. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The firm has a market capitalization of $6.99 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.19 and a beta of 0.93. The company’s 50 day moving average price is $79.25 and its two-hundred day moving average price is $73.12.

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

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend was Friday, December 13th. Prosperity Bancshares’s payout ratio is 49.26%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,600 shares of company stock valued at $1,117,424. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its stake in Prosperity Bancshares by 1.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 24,709 shares of the bank’s stock valued at $1,862,000 after acquiring an additional 387 shares during the last quarter. ORG Partners LLC boosted its stake in Prosperity Bancshares by 57.1% in the fourth quarter. ORG Partners LLC now owns 5,500 shares of the bank’s stock valued at $414,000 after acquiring an additional 2,000 shares during the last quarter. First Hawaiian Bank boosted its stake in Prosperity Bancshares by 47.5% in the fourth quarter. First Hawaiian Bank now owns 4,612 shares of the bank’s stock valued at $348,000 after acquiring an additional 1,485 shares during the last quarter. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock valued at $2,509,000 after acquiring an additional 9,935 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.