Prosperity Bancshares (NYSE:PB) PT Raised to $75.00

Prosperity Bancshares (NYSE:PB) had its price objective upped by stock analysts at Barclays from $70.00 to $75.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target would suggest a potential upside of 5.93% from the company’s current price.

PB has been the topic of several other reports. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Compass Point boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. DA Davidson increased their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Hovde Group lifted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.58.

Prosperity Bancshares Price Performance

NYSE PB opened at $70.80 on Friday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.87. The firm has a market cap of $6.74 billion, a P/E ratio of 16.31, a P/E/G ratio of 1.47 and a beta of 0.90. The stock’s 50-day moving average is $71.68 and its 200-day moving average is $65.41.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS 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 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 period last year, the company posted $1.21 EPS. Equities analysts anticipate that Prosperity Bancshares will post 5.06 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in PB. Public Employees Retirement Association of Colorado lifted its stake in Prosperity Bancshares by 359.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after acquiring an additional 193,953 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Prosperity Bancshares by 11.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after purchasing an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in Prosperity Bancshares during the first quarter worth about $2,343,000. Amica Mutual Insurance Co. increased its position in Prosperity Bancshares by 41.9% during the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after buying an additional 46,593 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Prosperity Bancshares by 14.8% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after buying an additional 101,230 shares during the period. 80.69% of the stock is currently 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.