Prosperity Bancshares (NYSE:PB) Hits New 12-Month Low at $55.86

Posted by on Jun 25th, 2023

Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) reached a new 52-week low during trading on Friday . The stock traded as low as $55.86 and last traded at $56.53, with a volume of 42111 shares traded. The stock had previously closed at $56.43.

Analyst Ratings Changes

PB has been the subject of several recent analyst reports. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a report on Tuesday, June 6th. Truist Financial reduced their target price on shares of Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. Janney Montgomery Scott upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 target price for the company in a report on Monday, March 13th. Morgan Stanley cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $58.00 to $60.00 in a report on Tuesday, May 16th. Finally, Raymond James reduced their target price on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, April 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus target price of $73.73.

Prosperity Bancshares Trading Down 1.7 %

The firm has a market cap of $5.23 billion, a P/E ratio of 9.62, a P/E/G ratio of 1.11 and a beta of 0.96. The business’s fifty day moving average price is $59.80 and its two-hundred day moving average price is $66.48.

Prosperity Bancshares (NYSE:PB – Get Rating) last posted its earnings results on Wednesday, April 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. The business had revenue of $365.58 million for the quarter, compared to analyst estimates of $285.02 million. During the same period last year, the business posted $1.33 EPS. Research analysts predict that Prosperity Bancshares, Inc. will post 5.37 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be given a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.20 annualized dividend and a yield of 3.96%. Prosperity Bancshares’s dividend payout ratio is 38.13%.

Insiders Place Their Bets

In related news, Director L. Jack Lord purchased 5,000 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were bought at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the transaction, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Vanguard Personalized Indexing Management LLC lifted its holdings in Prosperity Bancshares by 1.8% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 7,710 shares of the bank’s stock valued at $560,000 after purchasing an additional 137 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Prosperity Bancshares by 49.1% in the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock worth $29,000 after acquiring an additional 144 shares during the last quarter. Advisor Group Holdings Inc. raised its stake in shares of Prosperity Bancshares by 3.1% in the first quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock worth $411,000 after acquiring an additional 181 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Prosperity Bancshares by 0.9% in the fourth quarter. State of Michigan Retirement System now owns 23,197 shares of the bank’s stock worth $1,686,000 after acquiring an additional 200 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Prosperity Bancshares by 1.8% in the fourth quarter. Cetera Investment Advisers now owns 13,229 shares of the bank’s stock worth $961,000 after acquiring an additional 229 shares during the last quarter. 77.68% of the stock is owned by institutional investors.

Prosperity Bancshares Company Profile

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

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