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

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

PB has been the topic of a number of recent research reports. Compass Point raised their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Wedbush raised their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. DA Davidson upped their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $75.00 to $86.00 in a research report on Monday, August 5th.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP boosted its stake in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Prosperity Bancshares by 135.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock worth $641,000 after purchasing an additional 6,022 shares in the last quarter. Silver Lake Advisory LLC acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $611,000. Algert Global LLC grew its stake in shares of Prosperity Bancshares by 27.7% during the 2nd quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock worth $2,654,000 after purchasing an additional 9,415 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Prosperity Bancshares by 0.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,001 shares of the bank’s stock valued at $5,075,000 after purchasing an additional 582 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $73.58 on Wednesday. The company has a market cap of $7.01 billion, a P/E ratio of 16.95, a PEG ratio of 1.51 and a beta of 0.91. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.67. The firm has a 50-day simple moving average of $67.71 and a two-hundred day simple moving average of $64.10.

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

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Prosperity Bancshares Company Profile

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.