Prosperity Bancshares (NYSE:PB) Upgraded to “Outperform” by Wedbush

Wedbush upgraded shares of Prosperity Bancshares (NYSE:PB) from a neutral rating to an outperform rating in a research note released on Tuesday morning, MarketBeat.com reports. They currently have $90.00 price objective on the bank’s stock, up from their previous price objective of $75.00. Wedbush also issued estimates for Prosperity Bancshares’ Q3 2024 earnings at $1.29 EPS, Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.05 EPS, Q1 2025 earnings at $1.34 EPS, Q3 2025 earnings at $1.52 EPS, Q4 2025 earnings at $1.58 EPS, FY2025 earnings at $5.85 EPS, Q1 2026 earnings at $1.53 EPS, Q2 2026 earnings at $1.56 EPS and FY2026 earnings at $6.35 EPS.

Other analysts have also issued research reports about the stock. Stephens upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. Hovde Group boosted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an outperform rating in a research note on Monday, August 26th. Truist Financial lowered shares of Prosperity Bancshares from a buy rating to a hold rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Royal Bank of Canada boosted their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a research note on Thursday, July 25th. Finally, Raymond James lowered shares of 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of Moderate Buy and an average target price of $77.58.

Prosperity Bancshares Trading Down 0.9 %

Shares of NYSE:PB opened at $70.80 on Tuesday. The company has a fifty day simple moving average of $71.68 and a 200 day simple moving average of $65.39. The firm has a market cap of $6.79 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.87.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the previous year, the firm earned $1.21 earnings per share. As a group, equities research analysts forecast that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Prosperity Bancshares in the second quarter worth about $540,000. Quarry LP lifted its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Prosperity Bancshares by 135.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock worth $641,000 after purchasing an additional 6,022 shares during the period. Silver Lake Advisory LLC acquired a new stake in Prosperity Bancshares in the second quarter worth about $611,000. Finally, Algert Global LLC lifted its holdings in Prosperity Bancshares by 27.7% in the second quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock worth $2,654,000 after purchasing an additional 9,415 shares during the period. Institutional investors and hedge funds 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.