Prosperity Bancshares, Inc. (NYSE:PB) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $77.04.

Several equities research analysts recently commented on the company. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. DA Davidson lifted their price objective on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Compass Point upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Hovde Group boosted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th.

Prosperity Bancshares Trading Up 0.6 %

Shares of PB stock opened at $71.41 on Friday. The company has a market cap of $6.80 billion, a PE ratio of 16.45, a P/E/G ratio of 1.49 and a beta of 0.90. The company’s fifty day simple moving average is $71.62 and its 200-day simple moving average is $65.33. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.87.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. The company had revenue of $458.95 million for the quarter, compared to analyst estimates 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 last year, the company posted $1.21 earnings per share. Equities research analysts expect that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Prosperity Bancshares by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after purchasing an additional 53,844 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Norges Bank bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $64,749,000. Finally, Bank of New York Mellon Corp grew its position in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the last quarter. Institutional investors and hedge funds 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.