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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Moderate Buy” from the eleven research firms that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $68.79.

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

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently bought and sold shares of PB. Norges Bank bought a new position in Prosperity Bancshares during the 4th quarter valued at $64,749,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $46,306,000. Schroder Investment Management Group purchased a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $32,842,000. Wellington Management Group LLP increased its position in shares of Prosperity Bancshares by 11.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after purchasing an additional 227,725 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado increased its position in shares of Prosperity Bancshares by 359.3% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after purchasing an additional 193,953 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $62.62 on Thursday. The company has a market capitalization of $5.86 billion, a PE ratio of 14.43, a P/E/G ratio of 1.25 and a beta of 0.93. The company has a 50 day simple moving average of $62.54 and a two-hundred day simple moving average of $61.98. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $68.88.

Prosperity Bancshares (NYSE:PB) last released its earnings results 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. The business had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter in the prior year, the firm posted $1.37 EPS. Research analysts predict that Prosperity Bancshares will post 4.99 EPS for the current year.

Prosperity Bancshares Dividend Announcement

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

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.