Prosperity Bancshares, Inc. (NYSE:PB) Receives $68.79 Average PT from Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $68.79.

A number of research analysts recently issued reports on PB shares. Truist Financial reissued a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st. Raymond James lifted their price target on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price for the company in a research report on Wednesday, February 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Finally, Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective for the company.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Prosperity Bancshares by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after purchasing an additional 53,844 shares during the period. Victory Capital Management Inc. boosted 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 valued at $401,551,000 after purchasing an additional 136,764 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Prosperity Bancshares by 5.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after acquiring an additional 187,472 shares during the period. Brown Advisory Inc. lifted its position in Prosperity Bancshares by 0.3% during the 4th quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after acquiring an additional 8,373 shares during the period. Finally, Wellington Management Group LLP lifted its position in Prosperity Bancshares by 11.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after acquiring an additional 227,725 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.5 %

Prosperity Bancshares stock opened at $62.60 on Thursday. The stock has a market cap of $5.85 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.27 and a beta of 0.93. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $68.88. The company’s 50-day moving average price is $62.57 and its two-hundred day moving average price is $61.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The firm had revenue of $420.78 million for the quarter, compared to analysts’ expectations of $274.88 million. During the same period in the prior year, the firm earned $1.37 EPS. Equities analysts anticipate that Prosperity Bancshares will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.58%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) 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.