Barclays Boosts Prosperity Bancshares (NYSE:PB) Price Target to $75.00

Prosperity Bancshares (NYSE:PB) had its price target boosted by Barclays from $70.00 to $75.00 in a research report report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

PB has been the subject of several other reports. Wedbush raised shares of Prosperity Bancshares from a neutral rating to an outperform rating and lifted their price target for the company from $75.00 to $90.00 in a report on Tuesday, September 24th. Royal Bank of Canada lifted their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a report on Thursday, July 25th. Compass Point lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a report on Friday, July 26th. Hovde Group lifted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an outperform rating in a report on Monday, August 26th. Finally, Stephens raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of Moderate Buy and an average price target of $77.58.

Prosperity Bancshares Stock Performance

PB opened at $70.80 on Friday. The company has a 50-day moving average of $71.68 and a 200-day moving average of $65.43. The company has a market capitalization of $6.74 billion, a P/E ratio of 16.31, a PEG ratio of 1.47 and a beta of 0.90. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.87.

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

Prosperity Bancshares Announces Dividend

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

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP raised its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC raised its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth approximately $43,000. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth approximately $46,000. 80.69% of the stock is currently owned by institutional investors.

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.