Prosperity Bancshares (NYSE:PB) Given New $82.00 Price Target at DA Davidson

Prosperity Bancshares (NYSE:PB) had its price target upped by DA Davidson from $78.00 to $82.00 in a research note issued to investors on Thursday, Benzinga reports. DA Davidson currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Prosperity Bancshares’ Q3 2024 earnings at $1.31 EPS.

PB has been the subject of several other reports. Wedbush lifted their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a neutral rating in a report on Thursday. Piper Sandler lifted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a report on Thursday. Truist Financial lifted their target price on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a buy rating in a report on Thursday. Stephens raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. Finally, Royal Bank of Canada reissued a sector perform rating and issued a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of Moderate Buy and an average price target of $72.96.

Prosperity Bancshares Trading Up 1.9 %

Shares of NYSE PB opened at $72.57 on Thursday. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $73.32. The company has a 50 day simple moving average of $61.99 and a two-hundred day simple moving average of $62.80. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 1.58 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the previous year, the business posted $1.21 EPS. Analysts forecast that Prosperity Bancshares will post 4.99 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 3.09%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its position in shares of Prosperity Bancshares by 52.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock valued at $13,672,000 after acquiring an additional 77,039 shares during the last quarter. Amica Mutual Insurance Co. boosted its position in shares of Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after acquiring an additional 46,593 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after acquiring an additional 19,224 shares during the last quarter. Ceredex Value Advisors LLC boosted its position in shares of Prosperity Bancshares by 2.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock valued at $13,473,000 after acquiring an additional 5,100 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its position in shares of Prosperity Bancshares by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock valued at $7,240,000 after acquiring an additional 719 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

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.