Prosperity Bancshares, Inc. (NYSE:PB) Given Average Rating of “Moderate Buy” by Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has been given a consensus recommendation of “Moderate Buy” by the thirteen research firms that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $77.27.

PB has been the topic of several research reports. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Compass Point raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Piper Sandler upped their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the period. Quarry LP grew its stake in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the period. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth approximately $43,000. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth $46,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $71.34 on Thursday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.96. The company’s fifty day moving average price is $72.01 and its two-hundred day moving average price is $66.42. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 1.53 and a beta of 0.89.

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. The firm 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 in the prior year, the company earned $1.21 EPS. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 5.03 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.25%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is 53.46%.

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.