Prosperity Bancshares (NYSE:PB) Price Target Raised to $88.00 at Barclays

Prosperity Bancshares (NYSE:PB) had its price objective hoisted by Barclays from $84.00 to $88.00 in a research note released on Friday,Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

PB has been the subject of several other research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Hovde Group raised their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $82.05.

Prosperity Bancshares Stock Performance

PB opened at $74.95 on Friday. The stock has a fifty day moving average of $78.69 and a 200-day moving average of $71.55. The company has a market capitalization of $7.14 billion, a P/E ratio of 15.91, a P/E/G ratio of 1.19 and a beta of 0.92. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.10%. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Insider Buying and Selling

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,100 shares of company stock worth $1,004,719. 4.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $16,478,000. Victory Capital Management Inc. increased its holdings in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Prosperity Bancshares by 418.0% during the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after purchasing an additional 90,015 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.