Prosperity Bancshares (NYSE:PB) Price Target Increased to $75.00 by Analysts at Wedbush

Prosperity Bancshares (NYSE:PB) had its target price upped by Wedbush from $63.00 to $75.00 in a research note released on Thursday morning, Benzinga reports. Wedbush currently has a neutral rating on the bank’s stock.

Other analysts have also issued reports about the company. Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a report on Thursday. Truist Financial cut their target price on Prosperity Bancshares from $75.00 to $68.00 and set a buy rating on the stock in a report on Monday, July 8th. Finally, Royal Bank of Canada restated a sector perform rating and set a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of Moderate Buy and a consensus target price of $73.50.

Prosperity Bancshares Trading Up 0.3 %

Shares of PB opened at $72.80 on Thursday. The company has a market capitalization of $6.98 billion, a PE ratio of 16.77, a PEG ratio of 1.61 and a beta of 0.91. The stock’s 50-day moving average price is $62.32 and its two-hundred day moving average price is $62.87. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $73.69.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The business 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 last year, the firm earned $1.21 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.08%. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares in the last quarter. Planned Solutions Inc. purchased a new position in shares of Prosperity Bancshares during the 4th quarter valued at $37,000. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares during the period. Abich Financial Wealth Management LLC boosted its stake in Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after buying an additional 746 shares during the period. Finally, Signaturefd LLC grew its position in Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after buying an additional 470 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.