Prosperity Bancshares (NYSE:PB) Cut to “Outperform” at Raymond James

Raymond James lowered shares of Prosperity Bancshares (NYSE:PB) from a strong-buy rating to an outperform rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have $80.00 price objective on the bank’s stock.

A number of other analysts also recently weighed in on PB. Truist Financial increased their target price on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a buy rating in a research report on Thursday, July 25th. Morgan Stanley raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating and lifted their target price for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Compass Point upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a research report on Friday, July 26th. StockNews.com downgraded Prosperity Bancshares from a hold rating to a sell rating in a report on Wednesday, August 28th. Finally, Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $76.04.

Prosperity Bancshares Trading Up 1.8 %

NYSE:PB opened at $74.27 on Tuesday. The firm has a fifty day simple moving average of $71.14 and a 200 day simple moving average of $65.05. The stock has a market capitalization of $7.13 billion, a PE ratio of 17.11, a P/E/G ratio of 1.47 and a beta of 0.90. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.87.

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 the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The business had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same period last year, the firm posted $1.21 EPS. On average, equities analysts predict that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.02%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares in the last quarter. Quarry LP grew its position in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC increased its stake in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $43,000. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares in the 2nd quarter worth approximately $46,000. 80.69% of the stock is owned by institutional investors.

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.