Royal Bank of Canada Raises Prosperity Bancshares (NYSE:PB) Price Target to $74.00

Prosperity Bancshares (NYSE:PB) had its target price boosted by Royal Bank of Canada from $70.00 to $74.00 in a research note issued to investors on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the bank’s stock.

Several other research firms have also recently commented on PB. Wedbush raised their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a research note on Thursday. DA Davidson raised their price objective on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a research report on Thursday. Truist Financial lifted their price objective on Prosperity Bancshares from $68.00 to $81.00 and gave the company a buy rating in a report on Thursday. Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. Finally, Piper Sandler lifted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $73.50.

Prosperity Bancshares Trading Up 0.3 %

Shares of NYSE PB opened at $72.80 on Thursday. The stock has a 50 day moving average of $62.32 and a two-hundred day moving average of $62.91. The stock has a market cap of $6.98 billion, a P/E ratio of 16.77, a P/E/G ratio of 1.61 and a beta of 0.91. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $73.69.

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

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position 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 acquiring an additional 53,844 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock worth $401,551,000 after purchasing an additional 136,764 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 5.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock worth $233,130,000 after purchasing an additional 187,472 shares during the last quarter. Brown Advisory Inc. lifted its stake in Prosperity Bancshares by 0.3% in the 4th quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after buying an additional 8,373 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Prosperity Bancshares by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after buying an additional 44,978 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

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.