Prosperity Bancshares (NYSE:PB) Price Target Raised to $75.00 at Wedbush

Prosperity Bancshares (NYSE:PB) had its target price raised by Wedbush from $63.00 to $75.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Other equities analysts have also issued research reports about the stock. Royal Bank of Canada reaffirmed a sector perform rating and set a $70.00 target price on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Truist Financial reduced their target price on shares of Prosperity Bancshares from $75.00 to $68.00 and set a buy rating on the stock in a report on Monday, July 8th. Piper Sandler raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a report on Thursday. Finally, Stephens raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $72.96.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $72.57 on Thursday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $73.32. The company’s fifty day moving average price is $61.99 and its 200-day moving average price is $62.80. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 1.58 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same quarter last year, the firm earned $1.21 EPS. As a group, equities research analysts expect that Prosperity Bancshares will post 4.99 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.09%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PB. Norges Bank bought a new stake in Prosperity Bancshares during the 4th quarter valued at about $64,749,000. Vaughan Nelson Investment Management L.P. bought a new stake in Prosperity Bancshares during the fourth quarter valued at approximately $46,306,000. Schroder Investment Management Group purchased a new position in Prosperity Bancshares during the fourth quarter valued at approximately $32,842,000. Public Employees Retirement Association of Colorado lifted its holdings in Prosperity Bancshares by 359.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after purchasing an additional 193,953 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Prosperity Bancshares by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after purchasing an additional 187,472 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.