Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $75.88

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given a consensus recommendation of “Moderate Buy” by the thirteen ratings firms that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $77.04.

Several research analysts have commented on PB shares. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Royal Bank of Canada boosted their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Hovde Group increased their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Finally, DA Davidson lifted their price objective on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Vanguard Group Inc. boosted its holdings in Prosperity Bancshares by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after buying an additional 53,844 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Norges Bank acquired a new position in shares of Prosperity Bancshares in the 4th quarter worth $64,749,000. Finally, Bank of New York Mellon Corp raised its position in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of PB opened at $71.41 on Friday. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.87. The stock has a fifty day moving average price of $71.62 and a 200 day moving average price of $65.33. The company has a market cap of $6.80 billion, a P/E ratio of 16.45, a PEG ratio of 1.49 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. During the same quarter in the prior year, the firm earned $1.21 earnings per share. As a group, research analysts anticipate that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

About Prosperity Bancshares

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