Prosperity Bancshares (NYSE:PB) Rating Lowered to Hold at Truist Financial

Truist Financial downgraded shares of Prosperity Bancshares (NYSE:PB) from a buy rating to a hold rating in a report released on Friday, MarketBeat.com reports. Truist Financial currently has $79.00 price target on the bank’s stock, down from their prior price target of $81.00.

Other equities research analysts also recently issued reports about the company. Piper Sandler boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a research note on Thursday, July 25th. DA Davidson lifted their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a research report on Thursday, July 25th. Raymond James cut Prosperity Bancshares from a strong-buy rating to an outperform rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. Royal Bank of Canada lifted their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a research report on Thursday, July 25th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating and increased their target price for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $75.88.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $72.35 on Friday. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. The business has a 50-day simple moving average of $71.45 and a two-hundred day simple moving average of $65.19. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $74.87.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the previous year, the business earned $1.21 EPS. As a group, research analysts predict that Prosperity Bancshares will post 5.07 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 51.61%.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Prosperity Bancshares during the second quarter valued at about $540,000. Quarry LP grew its holdings in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Prosperity Bancshares by 135.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after buying an additional 6,022 shares in the last quarter. Silver Lake Advisory LLC bought a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $611,000. Finally, Algert Global LLC raised its holdings in shares of Prosperity Bancshares by 27.7% during the 2nd quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock worth $2,654,000 after acquiring an additional 9,415 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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.