Prosperity Bancshares (NYSE:PB) Shares Cross Above 200 Day Moving Average – What’s Next?

Prosperity Bancshares, Inc. (NYSE:PB) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.04 and traded as high as $74.79. Prosperity Bancshares shares last traded at $74.6590, with a volume of 998,097 shares.

Analyst Upgrades and Downgrades

PB has been the topic of several recent analyst reports. Morgan Stanley restated an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Citigroup increased their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Weiss Ratings upgraded Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler upped their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $76.36.

Prosperity Bancshares Stock Performance

The stock has a market cap of $7.41 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.20 and a beta of 0.63. The company has a fifty day moving average price of $70.53 and a 200 day moving average price of $70.06. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same period last year, the business earned $1.37 EPS. Prosperity Bancshares’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were issued a dividend of $0.60 per share. The ex-dividend date was Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is presently 43.48%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $69.85, for a total transaction of $41,910.00. Following the completion of the transaction, the director directly owned 40,900 shares in the company, valued at $2,856,865. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 13,200 shares of company stock valued at $926,152 over the last 90 days. 3.96% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in the business. Sepio Capital LP raised its position in Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after buying an additional 133 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Prosperity Bancshares by 1.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after acquiring an additional 145 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after acquiring an additional 186 shares during the last quarter. Earned Wealth Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 6.2% during the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after acquiring an additional 213 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Prosperity Bancshares by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after acquiring an additional 228 shares during the period. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.