Prosperity Bancshares, Inc. (NYSE:PB) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average rating of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $68.79.

A number of research firms have issued reports on PB. Barclays began coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research note on Wednesday, February 7th. Raymond James increased their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. Finally, Truist Financial reiterated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st.

Prosperity Bancshares Trading Up 3.8 %

NYSE PB opened at $65.08 on Thursday. The company has a fifty day simple moving average of $62.55 and a two-hundred day simple moving average of $61.60. The stock has a market cap of $6.09 billion, a P/E ratio of 14.37, a P/E/G ratio of 1.25 and a beta of 0.93. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $68.88.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same quarter last year, the company posted $1.51 earnings per share. As a group, sell-side analysts forecast that Prosperity Bancshares will post 4.96 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.44%. Prosperity Bancshares’s dividend payout ratio is presently 49.45%.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Spire Wealth Management grew its position in shares of Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after purchasing an additional 194 shares during the period. Treasurer of the State of North Carolina lifted its stake in shares of Prosperity Bancshares by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock worth $2,088,000 after buying an additional 200 shares in the last quarter. Covestor Ltd lifted its stake in shares of Prosperity Bancshares by 12.3% in the third quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after buying an additional 244 shares in the last quarter. Quadrant Capital Group LLC lifted its stake 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 worth $76,000 after buying an additional 270 shares in the last quarter. Finally, CFO4Life Group LLC lifted its stake in shares of Prosperity Bancshares by 0.9% in the third quarter. CFO4Life Group LLC now owns 30,095 shares of the bank’s stock worth $1,643,000 after buying an additional 280 shares in the last quarter. 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.