Truist Financial Reiterates Buy Rating for Prosperity Bancshares (NYSE:PB)

Prosperity Bancshares (NYSE:PBGet Free Report)‘s stock had its “buy” rating reissued by Truist Financial in a research note issued on Monday, Benzinga reports. They presently have a $75.00 target price on the bank’s stock. Truist Financial’s price objective points to a potential upside of 14.02% from the company’s current price.

A number of other brokerages have also commented on PB. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective for the company in a research report on Wednesday, February 7th. Raymond James lifted their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. Barclays assumed coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective for the company. UBS Group lifted their price objective on Prosperity Bancshares from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, December 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.79.

Check Out Our Latest Stock Report on PB

Prosperity Bancshares Price Performance

Shares of PB stock opened at $65.78 on Monday. The stock has a market cap of $6.15 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 1.30 and a beta of 0.93. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88. The stock has a fifty day moving average price of $63.32 and a 200 day moving average price of $60.70.

Prosperity Bancshares (NYSE:PBGet Free Report) last issued its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.15 by $0.04. The firm had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period last year, the business earned $1.51 earnings per share. Equities research analysts anticipate that Prosperity Bancshares will post 5.06 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of PB. Morgan Stanley lifted its stake in Prosperity Bancshares by 325.4% in the 4th quarter. Morgan Stanley now owns 2,390,076 shares of the bank’s stock valued at $173,711,000 after acquiring an additional 1,828,204 shares in the last quarter. Norges Bank acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $64,749,000. State Street Corp boosted its holdings in shares of Prosperity Bancshares by 11.5% in the 2nd quarter. State Street Corp now owns 8,888,314 shares of the bank’s stock valued at $506,826,000 after buying an additional 917,381 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $46,306,000. Finally, Bank of America Corp DE boosted its holdings in shares of Prosperity Bancshares by 421.0% in the 1st quarter. Bank of America Corp DE now owns 774,756 shares of the bank’s stock valued at $47,663,000 after buying an additional 626,060 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

(Get Free Report)

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.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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