The Vanguard Group, Inc. recently announced the acquisition of new stake in Prosperity Bancshares Inc. (NYSE:PB). The institutional investor has increased its shareholding in the Financial company by 2.11% to 9.37 million shares with purchase of 0.19 million shares. This fresh investment now brings its stake to 10.26% valued currently at $688.28 million. In addition, BlackRock Fund Advisors raised its holdings by 0.28 million to 7.64 million shares. And Victory Capital Management, Inc. has lifted its position by 6.73% or 0.36 million shares – to 5.7 million shares.
With over 2.83 million Prosperity Bancshares Inc. (PB) shares trading Friday and a closing price of $64.11 on the day, the dollar volume was approximately $181.23 million. The shares have shown a negative half year performance of -10.08% and its price on 03/10/23 lost nearly -4.46%. Currently, there are 91.29M common shares owned by the public and among those 87.37M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for PB have a consensus price objective of $79.14. The analysts have set the share’s price value over the next 12 months at a high of $85.00 and a low of $69.00. The average price target is 18.99% above its recent price level and an upside to the estimated low will see the stock gain 7.09% over that period. But an upside of 24.58% will see the stock hit the forecast high price target while median target price for the stock is $81.00.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 68,315 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 5,300 shares.
The top 3 mutual fund holders in Prosperity Bancshares Inc. are Victory Sycamore Established Valu, SPDR S&P Dividend ETF, and iShares Core S&P Mid Cap ETF. Victory Sycamore Established Valu owns 3.54 million shares of the company’s stock, all valued at over $260.52 million. The company bought an additional 0.24 million shares recently to bring their total holdings to about 3.88% of the shares outstanding. SPDR S&P Dividend ETF sold 940.0 shares to see its total holdings shrink to 3.47 million shares valued at over $255.28 million and representing 3.80% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 6456.0 shares to bring its total holdings to over 2.85 million shares at a value of $209.44 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 3.12% of the shares outstanding.
Shares of Prosperity Bancshares Inc. (NYSE: PB) opened at $65.46, down -$1.64 from a prior closing price of $67.10. However, the script later moved the day high at 66.92, down -4.46%. The company’s stock has a 5-day price change of -11.34% and -10.78% over the past three months. PB shares are trading -11.79% year to date (YTD), with the 12-month market performance down to -10.50% lower. It has a 12-month low price of $64.69 and touched a high of $78.76 over the same period. PB has an average intraday trading volume of 483.43K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -12.75%, -13.46%, and -11.09% respectively.
Institutional ownership of Prosperity Bancshares Inc. (NYSE: PB) shares accounts for 85.70% of the company’s 91.29M shares outstanding. Mutual fund holders own 58.64%, while other institutional holders and individual stakeholders account for 8.43% and 26.22% respectively.
It has a market capitalization of $6.13B and a beta (3y monthly) value of 1.01. The stock’s trailing 12-month PE ratio is 11.19, while the earnings-per-share (ttm) stands at $5.73. The company has a PEG of 1.23 and the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.12% over the week and 1.99% over the month.
Analysts forecast that Prosperity Bancshares Inc. (PB) will achieve an EPS of $1.35 for the current quarter, $1.47 for the next quarter and $6.34 for 2024. The lowest estimate earnings-per-share for the quarter is $1 while analysts give the company a high EPS estimate of $1.44. Comparatively, EPS for the current quarter was $1.33 a year ago. Earnings per share for the fiscal year are expected to increase by 2.20%, and 7.65% over the next financial year. EPS should grow at an annualized rate of 9.12% over the next five years, compared to 7.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Prosperity Bancshares Inc. (PB) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 7 of the 14 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the PB, a number of firms have released research notes about the stock. Raymond James stated their Outperform rating for the stock in a research note on February 21, 2023, with the firm’s price target at $85. Janney coverage for the Prosperity Bancshares Inc. (PB) stock in a research note released on January 26, 2023 offered a Neutral rating with a price target of $80. Morgan Stanley was of a view on December 05, 2022 that the stock is Equal-Weight, while Wedbush gave the stock Neutral rating on September 28, 2022, issuing a price target of $70. Wolfe Research on their part issued Underperform rating on April 07, 2022.
