Prosperity Bancshares (NYSE:PB) Upgraded at Raymond James Financial

Raymond James Financial upgraded shares of Prosperity Bancshares (NYSE:PB) from a market perform rating to an outperform rating in a research report report published on Tuesday, Marketbeat.com reports. Raymond James Financial currently has $78.00 target price on the bank’s stock.

PB has been the subject of several other reports. Citigroup dropped their target price on Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Tuesday, September 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Benchmark assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating on the stock. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Piper Sandler lifted their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $78.00.

Prosperity Bancshares Trading Up 1.0%

PB opened at $66.62 on Tuesday. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20. The business has a fifty day simple moving average of $71.27 and a 200-day simple moving average of $70.47. The firm has a market cap of $6.72 billion, a P/E ratio of 11.55, a P/E/G ratio of 0.72 and a beta of 0.66. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million during the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company’s revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 earnings per share. On average, equities analysts expect that Prosperity Bancshares will post 6.47 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is 41.59%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $74.26, for a total value of $44,556.00. Following the sale, the director directly owned 39,500 shares in the company, valued at $2,933,270. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 11,600 shares of company stock valued at $829,985 over the last 90 days. Corporate insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Parkside Financial Bank & Trust raised its position in shares of Prosperity Bancshares by 52.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after acquiring an additional 197 shares in the last quarter. SouthState Bank Corp acquired a new position in Prosperity Bancshares in the fourth quarter valued at approximately $49,000. Global Retirement Partners LLC purchased a new position in Prosperity Bancshares in the second quarter valued at approximately $54,000. Root Financial Partners LLC increased its stake in Prosperity Bancshares by 310.6% in the first quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock valued at $78,000 after purchasing an additional 879 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Prosperity Bancshares by 15.9% during the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock worth $124,000 after purchasing an additional 256 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.