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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $68.79.

PB has been the subject of several analyst reports. Barclays initiated coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Truist Financial restated a “buy” rating and set a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a report on Wednesday, February 7th. Raymond James raised their price target on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th.

Prosperity Bancshares Trading Up 1.0 %

PB opened at $62.62 on Thursday. The stock has a fifty day simple moving average of $62.54 and a two-hundred day simple moving average of $61.98. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.25 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 posted its quarterly earnings data 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. The business had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same quarter in the prior year, the company earned $1.37 earnings per share. On average, analysts predict that Prosperity Bancshares will post 4.99 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.58%. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Planned Solutions Inc. bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $37,000. GAMMA Investing LLC bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $38,000. Parallel Advisors LLC raised its stake in Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after purchasing an additional 652 shares during the period. Signaturefd LLC raised its stake in Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after purchasing an additional 470 shares during the period. Finally, Mather Group LLC. bought a new stake in Prosperity Bancshares during the 1st quarter valued at approximately $50,000. Institutional investors 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.