BlackRock Fund Advisors 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 0.39% to 7.7 million shares with purchase of 30283.0 shares. This fresh investment now brings its stake to 8.22% valued currently at $464.53 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.67 million to 3.25 million shares. And Wellington Management Co. LLP has lifted its position by 11.47% or 0.23 million shares – to 2.21 million shares.
With over 0.44 million Prosperity Bancshares Inc. (PB) shares trading Friday and a closing price of $67.34 on the day, the dollar volume was approximately $29.46 million. The shares have shown a positive half year performance of 19.95% and its price on 12/22/23 gained nearly 0.82%. Currently, there are 91.31M common shares owned by the public and among those 89.59M 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: 16 analysts who have offered their price forecasts for PB have a consensus price objective of $68.63. The analysts have set the share’s price value over the next 12 months at a high of $79.00 and a low of $57.00. The average price target is 1.87% above its recent price level and a downside to the estimated low will see the stock lose -18.14% over that period. But an upside of 14.76% will see the stock hit the forecast high price target while median target price for the stock is $70.00.
Insiders at the company have transacted a total of 21 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 29,252 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 1,000 shares.
The top 3 mutual fund holders in Prosperity Bancshares Inc. are Victory Sycamore Established Valu, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market ETF. Victory Sycamore Established Valu owns 3.81 million shares of the company’s stock, all valued at over $229.48 million. The company sold 27000.0 shares recently to bring their total holdings to about 4.06% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 513.0 shares to see its total holdings expand to 2.89 million shares valued at over $174.36 million and representing 3.09% of the shares outstanding. Vanguard Total Stock Market ETF bought 3780.0 shares to bring its total holdings to over 2.79 million shares at a value of $168.48 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.98% of the shares outstanding.
Shares of Prosperity Bancshares Inc. (NYSE: PB) opened at $67.23, up $0.44 from a prior closing price of $66.79. However, the script later moved the day high at 67.85, up 0.82%. The company’s stock has a 5-day price change of 1.02% and 24.22% over the past three months. PB shares are trading -7.35% year to date (YTD), with the 12-month market performance down to -5.25% lower. It has a 12-month low price of $49.60 and touched a high of $78.76 over the same period. PB has an average intraday trading volume of 640.85K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.59%, 15.36%, and 14.46% respectively.
Institutional ownership of Prosperity Bancshares Inc. (NYSE: PB) shares accounts for 81.23% of the company’s 91.31M shares outstanding. Mutual fund holders own 50.61%, while other institutional holders and individual stakeholders account for 8.26% and 31.25% respectively.
It has a market capitalization of $6.31B and a beta (3y monthly) value of 0.99. The stock’s trailing 12-month PE ratio is 13.44, while the earnings-per-share (ttm) stands at $5.01. The company has a PEG of 1.47 and the debt-to-equity ratio at 0.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.95% over the week and 2.23% over the month.
Analysts forecast that Prosperity Bancshares Inc. (PB) will achieve an EPS of $1.19 for the current quarter, $1.2 for the next quarter and $5.16 for 2024. The lowest estimate earnings-per-share for the quarter is $1.02 while analysts give the company a high EPS estimate of $1.33. Comparatively, EPS for the current quarter was $1.51 a year ago. Earnings per share for the fiscal year are expected to decrease by -18.40%, and 9.78% over the next financial year. EPS should grow at an annualized rate of 9.12% over the next five years, compared to 7.89% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Prosperity Bancshares Inc. (PB) as a “Strong Buy” at a consensus score of 1.81. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 3 of the 16 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. Citigroup stated their Buy rating for the stock in a research note on December 01, 2023, with the firm’s price target at $68.
