Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $68.23

Prosperity Bancshares, Inc. (NYSE:PB) has received an average rating of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $68.23.

Several equities research analysts have issued reports on PB shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Truist Financial dropped their price target on shares of Prosperity Bancshares from $75.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, July 8th. Finally, Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th.

Prosperity Bancshares Stock Performance

Shares of PB opened at $65.29 on Tuesday. The company has a 50-day simple moving average of $61.20 and a 200-day simple moving average of $62.67. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $68.88. The firm has a market capitalization of $6.26 billion, a P/E ratio of 15.04, a P/E/G ratio of 1.42 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating the consensus estimate of $1.15 by $0.03. The firm had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same quarter in the prior year, the firm posted $1.37 EPS. As a group, equities analysts forecast that Prosperity Bancshares will post 4.99 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.43%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings 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 acquiring an additional 177 shares during the last quarter. Albert D Mason Inc. grew its stake in shares of Prosperity Bancshares by 1.3% during the first quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock valued at $1,276,000 after purchasing an additional 252 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Prosperity Bancshares by 31.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock valued at $76,000 after purchasing an additional 270 shares in the last quarter. New York State Teachers Retirement System raised its position in Prosperity Bancshares by 0.3% in the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after purchasing an additional 300 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its holdings in Prosperity Bancshares by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after buying an additional 319 shares in the last quarter. 80.69% of the stock is owned by 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.