Prosperity Bancshares, Inc. (NYSE:PB) Receives $75.88 Consensus Price Target from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $77.58.

PB has been the subject of several analyst reports. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. Finally, Piper Sandler upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of PB. Public Employees Retirement Association of Colorado grew its position 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 acquiring an additional 193,953 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Prosperity Bancshares by 11.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after purchasing an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in Prosperity Bancshares in the 1st quarter worth $2,343,000. Amica Mutual Insurance Co. lifted its stake 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 purchasing an additional 46,593 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in Prosperity Bancshares by 14.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after buying an additional 101,230 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of PB opened at $70.80 on Friday. The firm has a market cap of $6.74 billion, a PE ratio of 16.31, a PEG ratio of 1.47 and a beta of 0.90. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.87. The stock’s fifty day moving average price is $71.68 and its two-hundred day moving average price is $65.41.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $1.21 earnings per share. Sell-side analysts anticipate 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. Shareholders of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.16%. Prosperity Bancshares’s payout ratio is 51.61%.

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.