Prosperity Bancshares (NYSE:PB) Given New $87.00 Price Target at Raymond James

Prosperity Bancshares (NYSE:PB) had its price objective upped by Raymond James from $82.00 to $87.00 in a report issued on Thursday morning,Benzinga reports. Raymond James currently has an outperform rating on the bank’s stock.

Several other research firms have also commented on PB. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. UBS Group reduced their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Prosperity Bancshares Trading Up 1.1 %

Shares of PB opened at $80.35 on Thursday. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.75. The firm has a market cap of $7.65 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.12 and a beta of 0.93. The stock has a 50 day moving average of $78.76 and a 200-day moving average of $74.97.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.68%. On average, sell-side analysts predict that Prosperity Bancshares will post 5.78 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s payout ratio is currently 45.85%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $79.92, for a total value of $39,960.00. Following the completion of the transaction, the director now owns 107,815 shares of the company’s stock, valued at approximately $8,616,574.80. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harrison Stafford II sold 4,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the sale, the director now owns 107,137 shares of the company’s stock, valued at $8,578,459.59. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,100 shares of company stock valued at $1,236,104 over the last ninety days. Insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after buying an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after acquiring an additional 6,518 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Prosperity Bancshares by 6.4% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock worth $67,002,000 after acquiring an additional 53,654 shares in the last quarter. Verition Fund Management LLC grew its stake in Prosperity Bancshares by 0.5% in the third quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock valued at $60,157,000 after purchasing an additional 3,978 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Prosperity Bancshares by 0.9% in the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock valued at $59,007,000 after purchasing an additional 6,972 shares in the last quarter. 80.69% of the stock is 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.