Prosperity Bancshares (NYSE:PB) PT Raised to $80.00

Prosperity Bancshares (NYSE:PB) had its price target upped by Piper Sandler from $73.00 to $80.00 in a research note issued to investors on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other analysts also recently issued reports on the company. Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Royal Bank of Canada restated a sector perform rating and set a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Finally, Truist Financial cut their price target on Prosperity Bancshares from $75.00 to $68.00 and set a buy rating for the company in a research note on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $73.50.

Prosperity Bancshares Stock Up 0.3 %

NYSE:PB opened at $72.80 on Thursday. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $73.69. The firm has a market capitalization 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. The stock’s fifty day simple moving average is $62.32 and its 200-day simple moving average is $62.87.

Prosperity Bancshares (NYSE:PB) last posted 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 firm had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the company posted $1.21 earnings per share. As a group, equities research analysts expect that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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 issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PB. Raymond James & Associates raised its position in shares of Prosperity Bancshares by 12.9% during the 4th quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock valued at $1,295,000 after purchasing an additional 2,188 shares during the period. Pacer Advisors Inc. raised its position in shares of Prosperity Bancshares by 79.2% during the 4th quarter. Pacer Advisors Inc. now owns 14,086 shares of the bank’s stock valued at $954,000 after purchasing an additional 6,227 shares during the period. Planned Solutions Inc. bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $37,000. Marks Wealth LLC bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $223,000. Finally, Oak Thistle LLC bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $205,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.