Prosperity Bancshares (NYSE:PB) Upgraded to Overweight at Stephens

Stephens upgraded shares of Prosperity Bancshares (NYSE:PB) from an equal weight rating to an overweight rating in a research report sent to investors on Wednesday morning, Benzinga reports.

Several other research analysts also recently weighed in on the stock. Truist Financial restated a buy rating and set a $75.00 price target on shares of Prosperity Bancshares in a research report on Monday, April 1st. Royal Bank of Canada reiterated a sector perform rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Finally, Barclays initiated coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They issued an equal weight rating and a $68.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $68.86.

Prosperity Bancshares Stock Up 0.8 %

PB stock opened at $59.47 on Wednesday. The company’s 50-day simple moving average is $61.52 and its 200-day simple moving average is $63.15. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $68.88. The firm has a market cap of $5.71 billion, a P/E ratio of 13.70, a PEG ratio of 1.26 and a beta of 0.90.

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, topping 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 during the quarter, compared to the consensus estimate of $274.88 million. During the same quarter in the prior year, the firm earned $1.37 EPS. On average, analysts anticipate that Prosperity Bancshares will post 5.01 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.77%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Planned Solutions Inc. purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $37,000. GAMMA Investing LLC purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $38,000. Parallel Advisors LLC boosted its position in shares of Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares during the period. Abich Financial Wealth Management LLC boosted its position in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after purchasing an additional 746 shares during the period. Finally, Signaturefd LLC boosted its position in shares of Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after purchasing an additional 470 shares during the period. 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.