Prosperity Bancshares (NYSE:PB) Price Target Raised to $74.00

Prosperity Bancshares (NYSE:PB) had its price objective hoisted by Royal Bank of Canada from $70.00 to $74.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a sector perform rating on the bank’s stock.

Other research analysts also recently issued research reports about the company. Truist Financial raised their price target on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a buy rating in a research note on Thursday. DA Davidson raised their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a buy rating in a research note on Thursday. Piper Sandler raised their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a research note on Thursday. Wedbush raised their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a research note on Thursday. Finally, Stephens upgraded Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $73.50.

Prosperity Bancshares Stock Performance

PB opened at $72.80 on Thursday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $73.69. The company has a market cap of $6.98 billion, a P/E ratio of 16.77, a PEG ratio of 1.50 and a beta of 0.91. The business’s 50-day simple moving average is $62.32 and its 200-day simple moving average is $62.87.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the prior year, the business posted $1.21 EPS. As a group, analysts predict that Prosperity Bancshares will post 5.06 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.08%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. Planned Solutions Inc. acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $37,000. Parallel Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after buying an additional 652 shares during the period. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares in the 1st quarter valued at approximately $50,000. Finally, Signaturefd LLC lifted its holdings in shares of Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after buying an additional 470 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.