Prosperity Bancshares (NYSE:PB) Price Target Raised to $74.00 at Royal Bank of Canada

Prosperity Bancshares (NYSE:PB) had its price target lifted by Royal Bank of Canada from $70.00 to $74.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the bank’s stock.

Other equities research analysts also recently issued reports about the company. Truist Financial boosted their price target on Prosperity Bancshares from $68.00 to $81.00 and gave the company a buy rating in a report on Thursday. DA Davidson boosted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a report on Thursday. Piper Sandler boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a report on Thursday. Wedbush boosted their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the company a neutral rating in a report on Thursday. Finally, Stephens upgraded Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of Moderate Buy and an average target price of $72.96.

Prosperity Bancshares Stock Up 1.9 %

Shares of PB opened at $72.57 on Thursday. The business’s 50 day moving average is $61.99 and its two-hundred day moving average is $62.80. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $73.32. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 1.58 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same period in the prior year, the company posted $1.21 EPS. On average, equities analysts expect that Prosperity Bancshares will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued 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 3.09%. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Institutional Trading of Prosperity Bancshares

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings 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 during the period. Planned Solutions Inc. acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $37,000. Parallel Advisors LLC lifted its holdings 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 during the period. Abich Financial Wealth Management LLC lifted its holdings in shares of Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after purchasing an additional 746 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after purchasing an additional 470 shares during the last quarter. Institutional investors and hedge funds 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.