Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $73.50

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $74.81.

Several research firms have issued reports on PB. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday. Royal Bank of Canada upped 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. Wedbush raised 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, July 25th. Piper Sandler lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $75.00 to $86.00 in a report on Monday, August 5th.

Prosperity Bancshares Stock Down 0.4 %

NYSE PB traded down $0.27 during trading hours on Friday, hitting $69.87. 447,425 shares of the company were exchanged, compared to its average volume of 870,774. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.05. The stock has a 50-day moving average price of $63.98 and a 200 day moving average price of $63.30. The stock has a market cap of $6.70 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. The company 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 in the prior year, the firm posted $1.21 EPS. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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 given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. Raymond James & Associates lifted its position in Prosperity Bancshares by 12.9% during the fourth quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock worth $1,295,000 after buying an additional 2,188 shares in the last quarter. Oak Thistle LLC acquired a new position in Prosperity Bancshares in the 4th quarter valued at about $205,000. Trust Point Inc. acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $211,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Prosperity Bancshares during the 4th quarter valued at approximately $1,119,000. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in Prosperity Bancshares in the fourth quarter valued at approximately $46,306,000. 80.69% of the stock is owned by hedge funds and other 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.