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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $75.88.

A number of equities research analysts recently commented on PB shares. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th.

Prosperity Bancshares Price Performance

Shares of PB opened at $72.60 on Friday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.87. The company has a 50 day simple moving average of $71.31 and a two-hundred day simple moving average of $65.12. The firm has a market cap of $6.92 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90.

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

Prosperity Bancshares Announces Dividend

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

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the period. Quarry LP raised its stake in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC raised its stake in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 835.9% in the fourth 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. Finally, Mather Group LLC. bought a new position in Prosperity Bancshares in the first quarter worth approximately $50,000. 80.69% of the stock is currently 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.