Prosperity Bancshares, Inc. (NYSE:PB) Given Average Rating of “Moderate Buy” by Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus rating of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $76.04.

A number of research analysts recently issued reports on PB shares. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Royal Bank of Canada lifted 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, DA Davidson lifted their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, July 25th.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Signaturefd LLC increased its position in Prosperity Bancshares by 171.5% in the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after buying an additional 470 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of Prosperity Bancshares in the fourth quarter worth about $38,000. Retirement Systems of Alabama boosted its stake in shares of Prosperity Bancshares by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 117,373 shares of the bank’s stock worth $7,950,000 after acquiring an additional 351 shares during the period. Van ECK Associates Corp boosted its stake in Prosperity Bancshares by 37.9% during the fourth quarter. Van ECK Associates Corp now owns 22,424 shares of the bank’s stock valued at $1,519,000 after buying an additional 6,161 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Prosperity Bancshares by 2.4% during the fourth quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock valued at $401,551,000 after buying an additional 136,764 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Down 0.2 %

NYSE PB opened at $72.30 on Wednesday. The stock’s 50-day simple moving average is $66.85 and its two-hundred day simple moving average is $63.89. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $74.67. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.46 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 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 return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the previous year, the business earned $1.21 earnings per share. On average, equities analysts expect that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders 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 dividend on an annualized basis and a yield of 3.10%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

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.