Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $77.27.

PB has been the topic of a number of recent research reports. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Compass Point increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Piper Sandler upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of PB. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% during the second 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 grew its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC grew its stake in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the last quarter. Mather Group LLC. purchased a new position in Prosperity Bancshares during the 1st quarter valued at about $50,000. Finally, Abich Financial Wealth Management LLC raised its position in Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 1.0 %

NYSE:PB opened at $73.32 on Thursday. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $75.28. The stock’s 50 day moving average price is $72.13 and its 200 day moving average price is $66.54. The company has a market capitalization of $6.98 billion, a PE ratio of 16.04, a P/E/G ratio of 1.53 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $290.06 million. During the same period in the previous year, the company posted $1.21 EPS. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.16%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.02%.

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.