Prosperity Bancshares (NYSE:PB) Price Target Raised to $82.00

Prosperity Bancshares (NYSE:PB) had its price objective hoisted by DA Davidson from $78.00 to $82.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Prosperity Bancshares’ Q3 2024 earnings at $1.31 EPS.

A number of other equities analysts have also recently weighed in on the company. Wedbush increased their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a report on Thursday. Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a research note on Thursday. Truist Financial increased their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a buy rating in a research note on Thursday. Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $73.50.

Prosperity Bancshares Trading Up 0.3 %

NYSE PB opened at $72.80 on Thursday. The stock has a market cap of $6.98 billion, a PE ratio of 16.77, a P/E/G ratio of 1.50 and a beta of 0.91. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $73.69. The stock has a fifty day simple moving average of $62.32 and a 200-day simple moving average of $62.87.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share 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 analysts’ expectations of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the prior year, the business posted $1.21 EPS. Research analysts predict that Prosperity Bancshares will post 5.06 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Prosperity Bancshares by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock valued at $656,512,000 after acquiring an additional 53,844 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock valued at $401,551,000 after acquiring an additional 136,764 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Prosperity Bancshares by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after acquiring an additional 187,472 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of Prosperity Bancshares by 0.3% in the 4th quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after acquiring an additional 8,373 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Prosperity Bancshares by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after acquiring an additional 44,978 shares during the last quarter. Hedge funds and other institutional investors 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.