Prosperity Bancshares, Inc. (NYSE:PB) Receives $73.50 Average PT from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average rating of “Moderate Buy” from the thirteen research firms that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $74.81.

PB has been the subject of a number of analyst reports. DA Davidson lifted their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Truist Financial upped their price objective on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Compass Point boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Wedbush increased their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Albert D Mason Inc. raised its stake in Prosperity Bancshares by 1.3% in the first quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock valued at $1,276,000 after buying an additional 252 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Prosperity Bancshares by 31.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock worth $76,000 after acquiring an additional 270 shares during the period. New York State Teachers Retirement System increased its holdings in shares of Prosperity Bancshares by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after acquiring an additional 300 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its holdings in Prosperity Bancshares by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock valued at $7,742,000 after purchasing an additional 319 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.4 %

Shares of Prosperity Bancshares stock traded down $0.27 during trading on Friday, reaching $69.87. The company’s stock had a trading volume of 447,425 shares, compared to its average volume of 870,774. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.05. The stock has a 50-day moving average price of $63.98 and a two-hundred day moving average price of $63.30. The stock has a market capitalization of $6.70 billion, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91.

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

Prosperity Bancshares Dividend Announcement

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 given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

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.