Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $68.23

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average rating of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $68.23.

PB has been the topic of several research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Finally, Truist Financial reduced their price objective on Prosperity Bancshares from $75.00 to $68.00 and set a “buy” rating for the company in a research report on Monday.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $64.07 on Tuesday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88. The stock’s 50-day simple moving average is $61.15 and its 200-day simple moving average is $62.79. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.26 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.03. The company had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period last year, the business earned $1.37 EPS. As a group, research analysts predict that Prosperity Bancshares will post 5 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Prosperity Bancshares by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after buying an additional 53,844 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Prosperity Bancshares by 2.4% during the fourth quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock worth $401,551,000 after acquiring an additional 136,764 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock worth $233,130,000 after acquiring an additional 187,472 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Prosperity Bancshares by 0.3% during the fourth quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after acquiring an additional 8,373 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Prosperity Bancshares by 11.5% in the third quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after acquiring an additional 227,725 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

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.