Prosperity Bancshares (NYSE:PB) Upgraded to “Outperform” by Wedbush

Wedbush upgraded shares of Prosperity Bancshares (NYSE:PB) from a neutral rating to an outperform rating in a research note released on Tuesday, MarketBeat reports. They currently have $90.00 target price on the bank’s stock, up from their prior target price of $75.00. Wedbush also issued estimates for Prosperity Bancshares’ Q3 2024 earnings at $1.29 EPS, Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.05 EPS, Q1 2025 earnings at $1.34 EPS, Q3 2025 earnings at $1.52 EPS, Q4 2025 earnings at $1.58 EPS, FY2025 earnings at $5.85 EPS, Q1 2026 earnings at $1.53 EPS, Q2 2026 earnings at $1.56 EPS and FY2026 earnings at $6.35 EPS.

Several other analysts also recently issued reports on PB. Truist Financial downgraded Prosperity Bancshares from a buy rating to a hold rating and cut their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Royal Bank of Canada boosted their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a sector perform rating in a report on Thursday, July 25th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an outperform rating in a report on Monday, August 26th. DA Davidson boosted their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a buy rating in a report on Thursday, July 25th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an equal weight rating to an overweight rating and boosted their price objective for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $77.58.

Prosperity Bancshares Trading Down 0.9 %

Shares of Prosperity Bancshares stock opened at $70.80 on Tuesday. The company’s 50-day moving average price is $71.68 and its two-hundred day moving average price is $65.39. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.87. The stock has a market cap of $6.79 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the previous year, the business earned $1.21 earnings per share. On average, equities analysts predict that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is presently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Prosperity Bancshares during the second quarter valued at approximately $540,000. Quarry LP raised its position in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Prosperity Bancshares by 135.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after acquiring an additional 6,022 shares in the last quarter. Silver Lake Advisory LLC bought a new position in Prosperity Bancshares during the second quarter valued at approximately $611,000. Finally, Algert Global LLC raised its position in Prosperity Bancshares by 27.7% during the second quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock valued at $2,654,000 after acquiring an additional 9,415 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.