Prosperity Bancshares, Inc. (NYSE:PB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $77.27.

A number of research analysts recently commented on PB shares. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Wedbush raised Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $75.00 to $90.00 in a research note on Tuesday, September 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the company from $80.00 to $78.00 in a research note on Tuesday. Barclays boosted their target price on Prosperity Bancshares from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Finally, Piper Sandler boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $74.14 on Thursday. The firm has a 50-day moving average of $71.71 and a 200-day moving average of $66.14. The stock has a market cap of $7.11 billion, a PE ratio of 17.08, a PEG ratio of 1.49 and a beta of 0.89. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $74.91.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS 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 return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC boosted its holdings in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares in the last quarter. Mather Group LLC. bought a new position in shares of Prosperity Bancshares during the 1st quarter worth approximately $50,000. Finally, Abich Financial Wealth Management LLC boosted its holdings 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 buying an additional 746 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

About Prosperity Bancshares

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.