Prosperity Bancshares (NYSE:PB) Raised to Overweight at Stephens

Stephens upgraded shares of Prosperity Bancshares (NYSE:PB) from an equal weight rating to an overweight rating in a report issued on Wednesday morning, MarketBeat.com reports.

Several other brokerages have also recently commented on PB. Royal Bank of Canada reissued a sector perform rating and set a $70.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays began coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an equal weight rating and a $68.00 price target for the company. Finally, Truist Financial reaffirmed a buy rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of Moderate Buy and a consensus price target of $68.86.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $61.17 on Wednesday. The company has a market cap of $5.87 billion, a PE ratio of 14.09, a PEG ratio of 1.27 and a beta of 0.90. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $68.88. The stock has a 50-day simple moving average of $61.54 and a 200 day simple moving average of $63.12.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $274.88 million. During the same period last year, the company earned $1.37 earnings per share. On average, research analysts predict that Prosperity Bancshares will post 5.01 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

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 paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.66%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently made changes to their positions in PB. UBS Group AG increased its stake in Prosperity Bancshares by 82.8% during the 3rd quarter. UBS Group AG now owns 84,997 shares of the bank’s stock worth $4,639,000 after acquiring an additional 38,506 shares during the period. Hsbc Holdings PLC bought a new position in shares of Prosperity Bancshares in the 3rd quarter valued at $903,000. Stifel Financial Corp increased its stake in shares of Prosperity Bancshares by 1.4% in the 3rd quarter. Stifel Financial Corp now owns 83,649 shares of the bank’s stock valued at $4,566,000 after purchasing an additional 1,146 shares during the last quarter. Natixis Advisors L.P. increased its stake in shares of Prosperity Bancshares by 64.1% in the 3rd quarter. Natixis Advisors L.P. now owns 44,415 shares of the bank’s stock valued at $2,424,000 after purchasing an additional 17,351 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Prosperity Bancshares by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock valued at $2,088,000 after acquiring an additional 200 shares in the last quarter. 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.