Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $68.86

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $68.86.

A number of research firms have commented on PB. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. Barclays initiated coverage on Prosperity Bancshares in a research note on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Finally, Truist Financial restated a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st.

Prosperity Bancshares Trading Down 1.7 %

Shares of NYSE:PB opened at $63.22 on Monday. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $68.88. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.28 and a beta of 0.93. The stock has a fifty day simple moving average of $62.75 and a two-hundred day simple moving average of $63.04.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The business had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. During the same period in the prior year, the business posted $1.37 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares will post 5 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s payout ratio is currently 51.61%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PB. Natixis Advisors L.P. increased its holdings in Prosperity Bancshares by 226.5% during the 4th quarter. Natixis Advisors L.P. now owns 144,994 shares of the bank’s stock valued at $9,819,000 after purchasing an additional 100,579 shares in the last quarter. Amica Mutual Insurance Co. lifted its holdings in shares of Prosperity Bancshares by 417.5% in the third quarter. Amica Mutual Insurance Co. now owns 30,583 shares of the bank’s stock valued at $1,669,000 after purchasing an additional 24,673 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Prosperity Bancshares in the third quarter valued at about $213,000. Panagora Asset Management Inc. lifted its holdings in shares of Prosperity Bancshares by 131.3% in the third quarter. Panagora Asset Management Inc. now owns 8,742 shares of the bank’s stock valued at $477,000 after purchasing an additional 4,963 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at about $46,306,000. Institutional investors 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.