Prosperity Bancshares (NYSE:PB) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Other research analysts have also recently issued research reports about the stock. DA Davidson raised their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a buy rating in a report on Thursday, July 25th. Morgan Stanley raised Prosperity Bancshares from an equal weight rating to an overweight rating and lifted their price target for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Wedbush boosted their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the company a neutral rating in a research note on Thursday, July 25th. Royal Bank of Canada boosted their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a research note on Thursday, July 25th. Finally, Truist Financial boosted their price objective on Prosperity Bancshares from $68.00 to $81.00 and gave the company a buy rating in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $74.81.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded up $0.40 during trading on Thursday, reaching $71.15. 87,033 shares of the company traded hands, compared to its average volume of 583,971. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.05. The company has a 50 day moving average price of $64.51 and a 200-day moving average price of $63.37. The firm has a market capitalization of $6.78 billion, a PE ratio of 16.30, a P/E/G ratio of 1.44 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the prior year, the business posted $1.21 EPS. Equities research analysts expect that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of 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 in the last quarter. Victory Capital Management Inc. increased its holdings 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 valued at $388,799,000 after acquiring an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 532,241 shares during the period. Brown Advisory Inc. lifted its position in Prosperity Bancshares by 0.3% during the 4th quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock worth $171,490,000 after acquiring an additional 8,373 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after buying an additional 44,978 shares during the period. 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.