Prosperity Bancshares (NYSE:PB) Raised to Outperform at Wedbush

Wedbush upgraded shares of Prosperity Bancshares (NYSE:PB) from a neutral rating to an outperform rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. Wedbush currently has $90.00 price target on the bank’s stock, up from their prior price target of $75.00. Wedbush also issued estimates for Prosperity Bancshares’ Q3 2024 earnings at $1.29 EPS, Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.05 EPS, Q1 2025 earnings at $1.34 EPS, Q3 2025 earnings at $1.52 EPS, Q4 2025 earnings at $1.58 EPS, FY2025 earnings at $5.85 EPS and FY2026 earnings at $6.35 EPS.

A number of other brokerages have also recently issued reports on PB. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a research note on Friday, July 26th. Stephens raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. StockNews.com cut shares of Prosperity Bancshares from a hold rating to a sell rating in a research note on Wednesday, August 28th. Morgan Stanley raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating and lifted their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a buy rating to a hold rating and cut their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of Moderate Buy and an average price target of $77.04.

Prosperity Bancshares Trading Up 0.6 %

Shares of PB opened at $71.41 on Tuesday. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.87. The firm’s 50 day moving average is $71.62 and its 200-day moving average is $65.33. The stock has a market capitalization of $6.80 billion, a PE ratio of 16.45, a P/E/G ratio of 1.49 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million for 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 last year, the firm posted $1.21 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.06 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.14%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the period. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC lifted its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth $43,000. Finally, Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth $46,000. Institutional investors and hedge funds 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.