Prosperity Bancshares (NYSE:PB) PT Raised to $81.00 at Truist Financial

Prosperity Bancshares (NYSE:PB) had its price objective increased by analysts at Truist Financial from $68.00 to $81.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s target price would suggest a potential upside of 13.37% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Wedbush boosted their target price on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Finally, Piper Sandler boosted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $71.77.

Prosperity Bancshares Trading Up 0.3 %

NYSE:PB traded up $0.21 during trading hours on Thursday, hitting $71.45. 115,190 shares of the company were exchanged, compared to its average volume of 564,613. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. Prosperity Bancshares has a one year low of $49.60 and a one year high of $72.60. The company has a fifty day simple moving average of $61.99 and a 200 day simple moving average of $62.80.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The firm had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. During the same period last year, the company posted $1.21 EPS. Equities research analysts predict that Prosperity Bancshares will post 4.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Retirement Systems of Alabama increased its stake in Prosperity Bancshares by 0.6% in the second quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock valued at $7,240,000 after acquiring an additional 719 shares during the last quarter. Fifth Third Bancorp increased its stake in Prosperity Bancshares by 47.6% in the second quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after acquiring an additional 332 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Prosperity Bancshares by 1.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank’s stock valued at $48,856,000 after acquiring an additional 14,175 shares during the last quarter. Raymond James & Associates increased its stake in Prosperity Bancshares by 8.0% in the second quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock valued at $1,826,000 after acquiring an additional 2,223 shares during the last quarter. Finally, Silver Lake Advisory LLC bought a new position in Prosperity Bancshares in the second quarter valued at $611,000. 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.