Prosperity Bancshares (NYSE:PB) Lowered to Outperform at Raymond James

Raymond James cut shares of Prosperity Bancshares (NYSE:PB) from a strong-buy rating to an outperform rating in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The brokerage currently has $80.00 target price on the bank’s stock.

Several other research analysts have also recently issued reports on PB. Truist Financial increased their price objective on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a buy rating in a research note on Thursday, July 25th. Piper Sandler increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a research note on Thursday, July 25th. StockNews.com cut Prosperity Bancshares from a hold rating to a sell rating in a research note on Wednesday, August 28th. DA Davidson increased their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a research report on Thursday, July 25th. Finally, Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an outperform rating in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of Moderate Buy and a consensus target price of $75.88.

Prosperity Bancshares Stock Performance

PB opened at $72.60 on Tuesday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.87. The stock has a market cap of $6.92 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 1.50 and a beta of 0.90. The stock’s 50 day moving average price is $71.31 and its 200-day moving average price is $65.12.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter in the prior year, the firm earned $1.21 earnings per share. As a group, analysts predict that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.09%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Prosperity Bancshares by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after acquiring an additional 53,844 shares during the last quarter. Victory Capital Management Inc. raised its stake in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after acquiring an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Norges Bank purchased a new position in Prosperity Bancshares in the 4th quarter worth $64,749,000. Finally, Bank of New York Mellon Corp raised its stake in Prosperity Bancshares by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after acquiring an additional 19,224 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.