Prosperity Bancshares, Inc. (NYSE:PB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $76.04.

Several analysts have recently weighed in on the company. Hovde Group boosted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Compass Point lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Wedbush increased their price objective on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Finally, StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the last quarter. Albert D Mason Inc. increased its holdings in Prosperity Bancshares by 1.3% during the 1st quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock worth $1,276,000 after purchasing an additional 252 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Prosperity Bancshares by 31.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock worth $76,000 after purchasing an additional 270 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Prosperity Bancshares by 0.3% during the first quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock valued at $7,730,000 after buying an additional 300 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock valued at $7,742,000 after buying an additional 319 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $72.95 on Wednesday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.67. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 1.51 and a beta of 0.91. The firm has a 50 day simple moving average of $68.27 and a 200 day simple moving average of $64.24.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same period in the prior year, the company earned $1.21 EPS. As a group, analysts expect that Prosperity Bancshares will post 5.07 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is 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.