Prosperity Bancshares, Inc. (NYSE:PB) Receives $77.27 Consensus Target Price from Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has earned an average recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on 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 analysts have recently commented on the stock. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Compass Point increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Piper Sandler boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada raised their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th.

Prosperity Bancshares Trading Down 2.3 %

Shares of PB opened at $72.98 on Thursday. The firm has a market cap of $6.95 billion, a P/E ratio of 15.97, a PEG ratio of 1.53 and a beta of 0.89. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.96. The stock’s 50 day moving average is $71.96 and its two-hundred day moving average is $66.34.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to analyst estimates 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 last year, the firm posted $1.21 EPS. Equities research analysts forecast that Prosperity Bancshares will post 5.03 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 3.18%. Prosperity Bancshares’s payout ratio is 49.02%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its position in shares of Prosperity Bancshares by 21.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 272,331 shares of the bank’s stock worth $19,627,000 after purchasing an additional 48,719 shares during the last quarter. Raymond James & Associates increased its position in shares of Prosperity Bancshares by 7.0% during the third quarter. Raymond James & Associates now owns 31,942 shares of the bank’s stock valued at $2,302,000 after acquiring an additional 2,082 shares during the last quarter. Blue Trust Inc. increased its position in shares of Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after acquiring an additional 554 shares during the last quarter. Hunter Perkins Capital Management LLC raised its stake in shares of Prosperity Bancshares by 2.8% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 159,220 shares of the bank’s stock valued at $11,530,000 after acquiring an additional 4,265 shares during the period. Finally, NBC Securities Inc. lifted its holdings in shares of Prosperity Bancshares by 36.1% in the 3rd quarter. NBC Securities Inc. now owns 6,004 shares of the bank’s stock worth $432,000 after acquiring an additional 1,594 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.