Prosperity Bancshares (NYSE:PB) Price Target Raised to $75.00

Prosperity Bancshares (NYSE:PB) had its price target lifted by Barclays from $70.00 to $75.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other analysts also recently issued reports on the company. Compass Point upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a buy rating in a research note on Friday, July 26th. DA Davidson upped their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a buy rating in a research report on Thursday, July 25th. Raymond James lowered shares of Prosperity Bancshares from a strong-buy rating to an outperform rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Wedbush upgraded shares of Prosperity Bancshares from a neutral rating to an outperform rating and boosted their price objective for the stock from $75.00 to $90.00 in a research note on Tuesday, September 24th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating and raised their target price for the company from $75.00 to $86.00 in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of Moderate Buy and an average price target of $77.58.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $72.07 on Friday. The business has a 50 day simple moving average of $71.74 and a 200 day simple moving average of $65.51. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.87. The stock has a market cap of $6.87 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.47 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million for 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 last year, the firm earned $1.21 EPS. On average, analysts predict that Prosperity Bancshares will post 5.06 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC acquired a new position in Prosperity Bancshares in the fourth quarter worth about $409,000. PNC Financial Services Group Inc. grew its stake in shares of Prosperity Bancshares by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock valued at $261,000 after purchasing an additional 355 shares during the period. Parallel Advisors LLC raised its holdings in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after buying an additional 652 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Prosperity Bancshares by 3.2% during the 4th quarter. Stifel Financial Corp now owns 86,331 shares of the bank’s stock worth $5,847,000 after buying an additional 2,682 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in shares of Prosperity Bancshares by 4.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 39,861 shares of the bank’s stock worth $2,700,000 after buying an additional 1,611 shares during the period. 80.69% of the stock is owned by institutional investors.

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.