Truist Financial Downgrades Prosperity Bancshares (NYSE:PB) to Hold

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

A number of other research firms also recently issued reports on PB. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a buy rating in a report on Friday, July 26th. Royal Bank of Canada upped their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a sector perform rating in a 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 objective on the stock. in a report on Tuesday, September 17th. Wedbush boosted their target price on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a research report on Thursday, July 25th. Finally, Stephens upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $75.88.

Prosperity Bancshares Stock Down 0.3 %

NYSE:PB opened at $72.35 on Friday. The stock has a market cap of $6.94 billion, a P/E ratio of 16.67, a PEG ratio of 1.50 and a beta of 0.90. The business’s 50-day moving average price is $71.45 and its two-hundred day moving average price is $65.19. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month 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. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same period last year, the firm posted $1.21 earnings per share. On average, equities research analysts expect that Prosperity Bancshares will post 5.07 EPS 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. Investors of record on Friday, September 13th will be paid 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 3.10%. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position 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 purchasing an additional 177 shares in the last quarter. Quarry LP increased its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC raised its position in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC bought a new stake in Prosperity Bancshares during the 2nd quarter valued at about $46,000. 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.