Prosperity Bancshares (NYSE:PB) Price Target Raised to $82.50 at Hovde Group

Prosperity Bancshares (NYSE:PB) had its price target boosted by Hovde Group from $80.50 to $82.50 in a research report released on Monday, Marketbeat reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other equities research analysts have also recently commented on the company. Compass Point increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating and increased their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. DA Davidson boosted their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a research note on Thursday, July 25th. Wedbush raised their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada increased their target price on Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $76.04.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $72.50 on Monday. The business has a fifty day moving average price of $66.58 and a 200-day moving average price of $63.83. The company has a market capitalization of $6.96 billion, a PE ratio of 16.71, a PEG ratio of 1.46 and a beta of 0.91. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.67.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the prior year, the firm posted $1.21 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently bought and sold shares of PB. Natixis Advisors L.P. increased its stake in Prosperity Bancshares by 226.5% in the 4th quarter. Natixis Advisors L.P. now owns 144,994 shares of the bank’s stock worth $9,819,000 after acquiring an additional 100,579 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its position in 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. Goldman Sachs Group Inc. raised its position in shares of Prosperity Bancshares by 11.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after buying an additional 89,617 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Prosperity Bancshares in the 1st quarter valued at about $2,343,000. Finally, Vaughan Nelson Investment Management L.P. increased its stake in Prosperity Bancshares by 14.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock worth $51,631,000 after acquiring an additional 101,230 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.