Prosperity Bancshares, Inc. (NYSE:PB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Prosperity Bancshares, Inc. (NYSE:PB) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $68.79.

PB has been the topic of a number of research reports. Barclays initiated coverage on Prosperity Bancshares in a research note on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target on the stock. Raymond James increased 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. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research report on Wednesday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Truist Financial reiterated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $64,749,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $46,306,000. Schroder Investment Management Group purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $32,842,000. Wellington Management Group LLP lifted its holdings in shares of 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 lifted its holdings in shares of Prosperity Bancshares by 359.3% during 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 during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Up 3.8 %

Shares of NYSE:PB opened at $65.08 on Thursday. The firm has a market cap of $6.09 billion, a P/E ratio of 14.37, a P/E/G 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. The business has a fifty day simple moving average of $62.55 and a 200 day simple moving average of $61.60.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The firm had revenue of $413.00 million during the quarter, compared to analyst estimates of $279.34 million. During the same period last year, the company posted $1.51 EPS. As a group, equities research analysts expect that Prosperity Bancshares will post 4.96 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.44%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.45%.

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.