Prosperity Bancshares (NYSE:PB) PT Raised to $80.00 at Compass Point

Prosperity Bancshares (NYSE:PB) had its target price lifted by investment analysts at Compass Point from $73.00 to $80.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Compass Point’s price objective indicates a potential upside of 9.81% from the stock’s current price.

PB has been the topic of several other research reports. Truist Financial increased their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday. Wedbush increased their target price on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday. Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday. DA Davidson increased their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada increased their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average target price of $73.50.

Prosperity Bancshares Stock Up 0.4 %

NYSE:PB traded up $0.28 during trading hours on Friday, reaching $72.85. The company had a trading volume of 62,827 shares, compared to its average volume of 568,109. The stock has a 50-day moving average of $62.16 and a two-hundred day moving average of $62.87. The firm has a market capitalization of $6.99 billion, a PE ratio of 16.81, a PEG ratio of 1.58 and a beta of 0.91. Prosperity Bancshares has a one year low of $49.60 and a one year high of $73.69.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The company had revenue of $458.95 million for 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 quarter in the prior year, the business earned $1.21 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares will post 4.99 earnings per share for the current year.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of PB. Raymond James & Associates increased its position in Prosperity Bancshares by 12.9% in the fourth quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock worth $1,295,000 after buying an additional 2,188 shares during the last quarter. Pacer Advisors Inc. increased its position in Prosperity Bancshares by 79.2% in the fourth quarter. Pacer Advisors Inc. now owns 14,086 shares of the bank’s stock worth $954,000 after buying an additional 6,227 shares during the last quarter. Planned Solutions Inc. purchased a new stake in Prosperity Bancshares in the fourth quarter worth $37,000. Marks Wealth LLC purchased a new stake in Prosperity Bancshares in the fourth quarter worth $223,000. Finally, Oak Thistle LLC purchased a new stake in Prosperity Bancshares in the fourth quarter worth $205,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.