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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Moderate Buy” from the eleven brokerages that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $68.79.

PB has been the subject of several research analyst reports. Raymond James upped their price target on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. Truist Financial restated a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research note on Monday, April 1st. Barclays began coverage on shares of Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price for the company. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, April 9th.

Prosperity Bancshares Price Performance

NYSE:PB opened at $62.60 on Thursday. The firm has a 50 day simple moving average of $62.57 and a 200-day simple moving average of $61.90. The firm has a market cap of $5.85 billion, a PE ratio of 14.42, a P/E/G ratio of 1.27 and a beta of 0.93. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $68.88.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The business had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. During the same quarter in the previous year, the business posted $1.37 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.58%. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PB. Spire Wealth Management grew its position in Prosperity Bancshares by 17.7% during the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after purchasing an additional 194 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in Prosperity Bancshares by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock valued at $2,088,000 after purchasing an additional 200 shares during the last quarter. Covestor Ltd raised its stake in Prosperity Bancshares by 12.3% during the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock valued at $122,000 after purchasing an additional 244 shares during the last quarter. Albert D Mason Inc. raised its stake in Prosperity Bancshares by 1.3% during the 1st quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock valued at $1,276,000 after purchasing an additional 252 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Prosperity Bancshares by 31.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock valued at $76,000 after buying an additional 270 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.