Prosperity Bancshares (NYSE:PB) Given New $76.00 Price Target at Barclays

Prosperity Bancshares (NYSE:PB) had its price objective boosted by Barclays from $75.00 to $76.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other analysts have also weighed in on the company. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Wedbush upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating and upped their target price for the company from $75.00 to $90.00 in a report on Tuesday, September 24th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.58.

Prosperity Bancshares Stock Down 1.1 %

PB stock traded down $0.82 during midday trading on Thursday, reaching $72.71. The company had a trading volume of 17,093 shares, compared to its average volume of 569,758. The firm has a market capitalization of $6.93 billion, a PE ratio of 16.09, a P/E/G ratio of 1.52 and a beta of 0.89. The stock has a 50 day moving average price of $72.19 and a 200 day moving average price of $66.58. Prosperity Bancshares has a fifty-two week low of $52.49 and a fifty-two week high of $75.28.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the previous year, the company posted $1.20 earnings per share. Research analysts predict that Prosperity Bancshares will post 5.03 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.19%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 49.02%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its stake in Prosperity Bancshares by 16.5% during the third quarter. Nisa Investment Advisors LLC now owns 14,804 shares of the bank’s stock worth $1,075,000 after acquiring an additional 2,100 shares in the last quarter. First Financial Bankshares Inc increased its stake in shares of Prosperity Bancshares by 16.8% in the 3rd quarter. First Financial Bankshares Inc now owns 14,554 shares of the bank’s stock valued at $1,049,000 after buying an additional 2,096 shares during the period. State of Alaska Department of Revenue increased its position in Prosperity Bancshares by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 11,182 shares of the bank’s stock worth $805,000 after purchasing an additional 750 shares during the period. Financial Management Professionals Inc. raised its stake in shares of Prosperity Bancshares by 32.4% during the third quarter. Financial Management Professionals Inc. now owns 1,722 shares of the bank’s stock worth $124,000 after buying an additional 421 shares during the last quarter. Finally, GHP Investment Advisors Inc. lifted its stake in shares of Prosperity Bancshares by 1.3% in the 3rd quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock valued at $1,295,000 after purchasing an additional 228 shares during the period. 80.69% of the stock is owned by institutional investors.

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.