Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $75.88.

A number of equities research analysts have recently commented on PB shares. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research note on Friday. Wedbush upped their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Hovde Group raised their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Finally, Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $72.60 on Friday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.87. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.50 and a beta of 0.90. The company has a 50-day moving average of $71.31 and a 200 day moving average of $65.12.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during 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 quarter last year, the firm earned $1.21 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares will post 5.07 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.09%. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings 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 acquiring an additional 53,844 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares in the last quarter. Norges Bank bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $64,749,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares in the last quarter. Institutional investors 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.