Prosperity Bancshares (NYSE:PB) PT Raised to $76.00

Prosperity Bancshares (NYSE:PB) had its price objective raised by Barclays from $75.00 to $76.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Barclays‘s target price indicates a potential upside of 5.18% from the company’s current price.

PB has been the subject of several other reports. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $75.00 to $86.00 in a report on Monday, August 5th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Royal Bank of Canada upped their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Hovde Group upped their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average target price of $77.58.

Prosperity Bancshares Price Performance

PB opened at $72.26 on Thursday. The stock’s 50 day moving average price is $72.21 and its 200 day moving average price is $66.64. The stock has a market cap of $6.93 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.52 and a beta of 0.89. Prosperity Bancshares has a 12 month low of $52.49 and a 12 month high of $75.28.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 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 $1.20 earnings per share. Equities analysts anticipate that Prosperity Bancshares will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Kingsview Wealth Management LLC purchased a new position in Prosperity Bancshares during the 1st quarter valued at about $2,343,000. Amica Mutual Insurance Co. grew its position in Prosperity Bancshares by 41.9% during the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Prosperity Bancshares by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after buying an additional 101,230 shares during the period. Harbor Capital Advisors Inc. increased its stake in Prosperity Bancshares by 394.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after buying an additional 9,148 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.