Prosperity Bancshares (NYSE:PB) Downgraded by Raymond James to Outperform

Raymond James lowered shares of Prosperity Bancshares (NYSE:PB) from a strong-buy rating to an outperform rating in a research report released on Tuesday morning, Marketbeat.com reports. They currently have $80.00 target price on the bank’s stock.

A number of other research analysts have also commented on PB. StockNews.com lowered Prosperity Bancshares from a hold rating to a sell rating in a report on Wednesday, August 28th. Royal Bank of Canada upped their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a research note on Thursday, July 25th. Morgan Stanley upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating and lifted their price objective for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Hovde Group increased their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an outperform rating in a research report on Monday, August 26th. Finally, Piper Sandler lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $76.04.

Prosperity Bancshares Price Performance

Shares of PB opened at $72.97 on Tuesday. The company’s 50-day moving average is $70.46 and its 200-day moving average is $64.85. The firm has a market capitalization of $6.95 billion, a PE ratio of 16.81, a PEG ratio of 1.47 and a beta of 0.90. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $74.68.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same period last year, the business posted $1.21 earnings per share. Analysts predict that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.56 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.07%. Prosperity Bancshares’s payout ratio is presently 51.61%.

Institutional Trading of Prosperity Bancshares

A number of hedge funds have recently made changes to their positions in PB. Vanguard Personalized Indexing Management LLC bought a new position in Prosperity Bancshares in the 4th quarter valued at approximately $605,000. Janney Montgomery Scott LLC bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at $409,000. Quadrant Capital Group LLC lifted its holdings in shares of Prosperity Bancshares by 31.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock worth $76,000 after purchasing an additional 270 shares during the period. Norges Bank bought a new stake in shares of Prosperity Bancshares in the fourth quarter worth $64,749,000. Finally, PNC Financial Services Group Inc. increased its holdings in Prosperity Bancshares by 10.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock valued at $261,000 after purchasing an additional 355 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.