Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $75.88

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $77.04.

A number of research firms have commented on PB. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Piper Sandler lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Hovde Group lifted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of PB. GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 59.6% in the 2nd 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 lifted its holdings in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC lifted its holdings in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in Prosperity Bancshares in the 1st quarter valued at about $50,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 1.4 %

Shares of NYSE:PB opened at $71.37 on Friday. The company has a fifty day simple moving average of $71.52 and a 200 day simple moving average of $65.25. The firm has a market cap of $6.85 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.87.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $1.21 earnings per share. As a group, equities research analysts forecast that Prosperity Bancshares will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business 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 $0.56 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.14%. Prosperity Bancshares’s dividend payout ratio 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.