Prosperity Bancshares (NYSE:PB) Price Target Raised to $75.00 at Barclays

Prosperity Bancshares (NYSE:PB) had its target price hoisted by stock analysts at Barclays from $70.00 to $75.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s target price indicates a potential upside of 5.03% from the stock’s current price.

Other analysts have also issued reports about the company. DA Davidson boosted their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Compass Point increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Hovde Group upped their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Royal Bank of Canada raised their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Finally, Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Stock Performance

Shares of PB remained flat at $71.41 during trading hours on Friday. The stock had a trading volume of 24,950 shares, compared to its average volume of 572,234. The business’s fifty day simple moving average is $71.62 and its two-hundred day simple moving average is $65.33. The stock has a market capitalization of $6.80 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.87.

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 analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period last year, the company earned $1.21 earnings per share. Analysts expect that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PB. Dimensional Fund Advisors LP increased its position in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Schroder Investment Management Group acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth $32,842,000. Public Employees Retirement Association of Colorado raised its stake in Prosperity Bancshares by 359.3% during the 4th 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. Victory Capital Management Inc. raised its stake in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Prosperity Bancshares by 666,140.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 146,573 shares of the bank’s stock valued at $9,642,000 after buying an additional 146,551 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.