Prosperity Bancshares, Inc. (NYSE:PB) Receives $78.96 Consensus PT from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $78.96.

Several research firms recently commented on PB. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Barclays raised their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Hovde Group raised their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Finally, Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th.

Prosperity Bancshares Stock Down 0.0 %

NYSE PB opened at $82.95 on Monday. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares has a twelve month low of $56.37 and a twelve month high of $85.13. The stock has a fifty day simple moving average of $73.40 and a 200 day simple moving average of $68.08.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the business earned $1.20 EPS. Research analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.80%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently bought and sold shares of the company. US Bancorp DE grew its stake in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the period. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Tectonic Advisors LLC increased its position in shares of Prosperity Bancshares by 3.0% during the third quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after buying an additional 206 shares during the period. GHP Investment Advisors Inc. boosted its position in shares of Prosperity Bancshares by 1.3% in the third quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock valued at $1,295,000 after acquiring an additional 228 shares during the period. Finally, Inspire Investing LLC grew its stake in Prosperity Bancshares by 6.1% during the second quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock valued at $351,000 after acquiring an additional 328 shares in the last quarter. Hedge funds and other institutional investors 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.