Prosperity Bancshares (NYSE:PB) Rating Reiterated by Royal Bank of Canada

Prosperity Bancshares (NYSE:PB)‘s stock had its “sector perform” rating reissued by equities researchers at Royal Bank of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $70.00 target price on the bank’s stock. Royal Bank of Canada’s price target suggests a potential upside of 14.51% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. Barclays started coverage on Prosperity Bancshares in a report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price for the company. 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 report on Wednesday, February 7th. Raymond James boosted their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. Truist Financial restated a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, UBS Group boosted their price objective on Prosperity Bancshares from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Trading Down 4.5 %

Shares of PB opened at $61.13 on Tuesday. The business’s 50 day moving average is $62.91 and its 200 day moving average is $61.08. The company has a market capitalization of $5.72 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.30 and a beta of 0.93. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $68.88.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.04. The business 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 quarter last year, the business posted $1.51 EPS. Equities research analysts predict that Prosperity Bancshares will post 4.96 earnings per share for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently modified their holdings of the stock. Planned Solutions Inc. acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $37,000. GAMMA Investing LLC bought a new position in shares of Prosperity Bancshares in the fourth quarter valued at approximately $38,000. Covestor Ltd boosted its holdings in shares of Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares in the last quarter. Parallel Advisors LLC boosted 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 acquiring an additional 652 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Prosperity Bancshares by 171.5% in the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after acquiring an additional 470 shares in 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.