The price of Prosperity Bancshares Inc. (NYSE:PB) shares last traded on Wall Street rose 0.29% to $63.32.
Based on available information, 14 analysts follow Prosperity Bancshares Inc. (NYSE:PB). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $74.00 and a low of $57.00, we find $67.50. Given the previous closing price of $63.14, this indicates a potential upside of 6.91 percent. PB stock price is now 7.07% away from the 50-day moving average and -5.30% away from the 200-day moving average. The market capitalization of the company currently stands at $5.84B.
Among analysts, 4 rate the stock a hold while 7 rate it a buy. Brokers who have rated the stock have averaged $67.36 as their price target over the next twelve months.
With the price target enhanced from $58 to $60, Morgan Stanley Downgraded its rating from Equal-Weight to Underweight for Prosperity Bancshares Inc. (NYSE: PB).
In other news, LORD L. JACK, Director bought 5,000 shares of the company’s stock on May 01. The stock was bought for $310,200 at an average price of $62.04. Upon completion of the transaction, the Director now directly owns 33,125 shares in the company, valued at $2.1 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 14, Chairman TIMANUS H E JR bought 1,000 shares of the business’s stock. A total of $61,500 was incurred on buying the stock at an average price of $61.50. This leaves the insider owning 203,891 shares of the company worth $12.91 million. Insiders disposed of 2,800 shares of company stock worth roughly $0.18 million over the past 1 year. A total of 0.60% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PB stock. A new stake in Prosperity Bancshares Inc. shares was purchased by VERITION FUND MANAGEMENT LLC during the first quarter worth $14,009,000. CLEARBRIDGE INVESTMENTS, LLC invested $13,993,000 in shares of PB during the first quarter. In the first quarter, GILLSON CAPITAL LP acquired a new stake in Prosperity Bancshares Inc. valued at approximately $13,837,000. CARLSON CAPITAL L P acquired a new stake in PB for approximately $10,694,000. POINT72 ASSET MANAGEMENT, L.P. purchased a new stake in PB valued at around $9,801,000 in the second quarter.
A candlestick chart of Prosperity Bancshares Inc. (NYSE: PB) showed a price of $63.11 on Monday morning. During the past 12 months, Prosperity Bancshares Inc. has had a low of $54.45 and a high of $78.76. The fifty day moving average price for PB is $59.17 and a two-hundred day moving average price translates $66.83 for the stock.
The latest earnings results from Prosperity Bancshares Inc. (NYSE: PB) was released for Jun, 2023. According to the Banks – Regional Company, earnings per share came in at $0.94, missing analysts’ expectations of $1.15 by -0.21. This compares to $1.33 EPS in the same period last year. The net profit margin was 41.10% and return on equity was 7.90% for PB. The company reported revenue of $327.31 million for the quarter, compared to $248.88 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 31.51 percent. For the current quarter, analysts expect PB to generate $287.51M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/02/2023. Investors who held shares on 09/15/2023 were paid a $0.55 dividend. On an annualized basis, this represents a $2.20 dividend and a 3.47% percent yield. There was an ex-dividend date of 09/14/2023 for this dividend. In terms of dividend payout ratio, PB is presently at 36.80%.
Prosperity Bancshares Inc.(PB) 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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery. In addition, it provides internet banking, mobile banking, trust and wealth management, retail brokerage, mortgage services, and treasury management, as well as debit and credit cards. The company was founded in 1983 and is based in Houston, Texas.
