Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $68.79

Prosperity Bancshares, Inc. (NYSE:PB) has received an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $68.79.

A number of analysts recently weighed in on PB shares. Truist Financial reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Barclays began coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective for the company. Raymond James raised their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Finally, Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a research note on Wednesday, February 7th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Prosperity Bancshares in the 4th quarter valued at approximately $64,749,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth $46,306,000. Schroder Investment Management Group purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth $32,842,000. Wellington Management Group LLP boosted its position in Prosperity Bancshares by 11.5% during the third quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after purchasing an additional 227,725 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado grew its stake in Prosperity Bancshares by 359.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after purchasing an additional 193,953 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 0.9 %

NYSE:PB opened at $63.55 on Thursday. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $68.88. The company has a market cap of $5.94 billion, a PE ratio of 14.64, a P/E/G ratio of 1.29 and a beta of 0.93. The business’s 50 day moving average is $62.58 and its two-hundred day moving average is $61.71.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The company had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. During the same period last year, the firm posted $1.37 EPS. As a group, sell-side analysts expect that Prosperity Bancshares will post 4.97 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is 51.61%.

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.