Prosperity Bancshares, Inc. (NYSE:PB) Receives $68.86 Average Price Target from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average recommendation of “Moderate Buy” by the ten analysts that are currently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $68.86.

A number of research firms have weighed in on PB. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price for the company in a research report on Wednesday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Truist Financial restated a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, Barclays began coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company.

Prosperity Bancshares Stock Up 0.3 %

NYSE PB opened at $62.09 on Monday. The company has a market cap of $5.96 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 1.32 and a beta of 0.93. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $68.88. The business’s fifty day moving average is $62.81 and its 200 day moving average is $63.11.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The firm had revenue of $420.78 million for the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period in the previous year, the firm posted $1.37 EPS. On average, research analysts anticipate that Prosperity Bancshares will post 5.01 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is 51.61%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Natixis Advisors L.P. boosted its position in Prosperity Bancshares by 226.5% in the fourth quarter. Natixis Advisors L.P. now owns 144,994 shares of the bank’s stock worth $9,819,000 after purchasing an additional 100,579 shares during the last quarter. Amica Mutual Insurance Co. boosted its holdings in shares of Prosperity Bancshares by 417.5% in the 3rd quarter. Amica Mutual Insurance Co. now owns 30,583 shares of the bank’s stock worth $1,669,000 after buying an additional 24,673 shares during the last quarter. NBC Securities Inc. bought a new position in Prosperity Bancshares during the third quarter valued at about $213,000. Panagora Asset Management Inc. increased its holdings in Prosperity Bancshares by 131.3% during the third quarter. Panagora Asset Management Inc. now owns 8,742 shares of the bank’s stock worth $477,000 after buying an additional 4,963 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in Prosperity Bancshares in the fourth quarter worth about $46,306,000. 80.69% of the stock is owned by 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.