Truist Financial Lowers Prosperity Bancshares (NYSE:PB) Price Target to $68.00

Prosperity Bancshares (NYSE:PB) had its target price reduced by Truist Financial from $75.00 to $68.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other research analysts have also recently weighed in on PB. Stephens upgraded Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Royal Bank of Canada reiterated a sector perform rating and set a $70.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $68.23.

Prosperity Bancshares Stock Up 4.2 %

Prosperity Bancshares stock opened at $64.07 on Monday. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $68.88. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.26 and a beta of 0.91. The stock has a 50-day moving average price of $61.15 and a 200 day moving average price of $62.79.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 24th. The bank reported $1.18 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 firm had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. During the same quarter in the previous year, the company posted $1.37 earnings per share. Research analysts anticipate that Prosperity Bancshares will post 5 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Planned Solutions Inc. purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $37,000. Parallel Advisors LLC increased its position in shares of Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after buying an additional 652 shares in the last quarter. Mather Group LLC. purchased a new stake in shares of Prosperity Bancshares during the first quarter worth approximately $50,000. Finally, Signaturefd LLC increased its position in shares of Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after purchasing an additional 470 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.