Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a report released on Tuesday morning.

Several other equities research analysts also recently weighed in on PB. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Compass Point increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. 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 report on Thursday, July 25th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Trading Up 0.9 %

PB stock opened at $82.98 on Tuesday. The company has a market capitalization of $7.90 billion, a P/E ratio of 17.62, a PEG ratio of 1.23 and a beta of 0.89. Prosperity Bancshares has a twelve month low of $54.53 and a twelve month high of $83.50. The business has a 50 day simple moving average of $73.20 and a 200-day simple moving average of $67.97.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. Research analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.80%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 47.56%.

Institutional Trading of Prosperity Bancshares

A number of large investors have recently made changes to their positions in the stock. Cerity Partners LLC boosted its stake in shares of Prosperity Bancshares by 22.6% during the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock valued at $453,000 after acquiring an additional 1,157 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Prosperity Bancshares by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after acquiring an additional 6,518 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Prosperity Bancshares by 61.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock worth $349,000 after buying an additional 1,849 shares during the last quarter. Finally, LMR Partners LLP acquired a new stake in Prosperity Bancshares in the 3rd quarter worth about $574,000. 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.