Prosperity Bancshares (NYSE:PB) Upgraded by Wedbush to Outperform

Wedbush upgraded shares of Prosperity Bancshares (NYSE:PB) from a neutral rating to an outperform rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has $90.00 price objective on the bank’s stock, up from their previous price objective of $75.00.

Several other equities research analysts also recently issued reports on PB. Truist Financial downgraded shares of Prosperity Bancshares from a buy rating to a hold rating and lowered their price objective for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. StockNews.com downgraded Prosperity Bancshares from a hold rating to a sell rating in a research note on Wednesday, August 28th. Royal Bank of Canada upped their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a sector perform rating in a research report on Thursday, July 25th. Compass Point lifted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a research report on Friday, July 26th. Finally, Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $77.04.

Prosperity Bancshares Trading Down 1.4 %

NYSE:PB opened at $71.37 on Tuesday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.87. The stock has a 50-day moving average price of $71.52 and a two-hundred day moving average price of $65.25. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 1.50 and a beta of 0.90.

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

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently bought and sold shares of PB. GAMMA Investing LLC raised its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. New York State Teachers Retirement System lifted its holdings in Prosperity Bancshares by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock valued at $7,730,000 after purchasing an additional 300 shares during the last quarter. Retirement Systems of Alabama boosted its position in Prosperity Bancshares by 0.3% during the first quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after purchasing an additional 319 shares during the period. Inspire Investing LLC increased its holdings in shares of Prosperity Bancshares by 6.1% in the second quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock valued at $351,000 after purchasing an additional 328 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Prosperity Bancshares by 47.6% in the second quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after purchasing an additional 332 shares during the period. 80.69% of the stock is currently 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.