Prosperity Bancshares (NYSE:PB) Price Target Increased to $80.00 by Analysts at Compass Point

Prosperity Bancshares (NYSE:PB) had its price objective increased by Compass Point from $73.00 to $80.00 in a research report sent to investors on Friday, Benzinga reports. Compass Point currently has a buy rating on the bank’s stock.

A number of other equities research analysts have also recently commented on PB. Truist Financial raised their price target on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the stock a buy rating in a report on Thursday, July 25th. 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, July 25th. DA Davidson lifted their price objective on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a report on Thursday, July 25th. Royal Bank of Canada lifted their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a report on Thursday, July 25th. Finally, Stephens upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $73.50.

Prosperity Bancshares Stock Down 1.4 %

Shares of NYSE PB opened at $71.79 on Friday. The company has a market capitalization of $6.89 billion, a PE ratio of 16.54, a P/E/G ratio of 1.50 and a beta of 0.91. The firm has a fifty day simple moving average of $62.47 and a 200 day simple moving average of $62.92. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $73.69.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 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 analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the company posted $1.21 earnings per share. As a group, equities analysts expect that Prosperity Bancshares will post 5.06 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.12%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in Prosperity Bancshares in the second quarter worth about $181,000. Allspring Global Investments Holdings LLC raised its position in Prosperity Bancshares by 52.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after acquiring an additional 77,039 shares during the period. Amica Mutual Insurance Co. raised its position in Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the period. Bank of New York Mellon Corp raised its position in shares of Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after purchasing an additional 19,224 shares during the period. Finally, Ceredex Value Advisors LLC raised its position in shares of Prosperity Bancshares by 2.4% in the second quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock valued at $13,473,000 after purchasing an additional 5,100 shares during the period. 80.69% of the stock is currently 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.