Prosperity Bancshares (NYSE:PB) Price Target Raised to $81.00

Prosperity Bancshares (NYSE:PB) had its price objective hoisted by Truist Financial from $68.00 to $81.00 in a research note published on Thursday, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other brokerages also recently commented on PB. Wedbush raised their price objective on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a research note on Thursday. Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Royal Bank of Canada reiterated a sector perform rating and set a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Finally, Piper Sandler raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a report on Thursday. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $73.50.

Prosperity Bancshares Trading Up 0.3 %

Prosperity Bancshares stock opened at $72.80 on Thursday. The firm has a market capitalization of $6.98 billion, a P/E ratio of 16.77, a PEG ratio of 1.61 and a beta of 0.91. The business has a 50-day moving average of $62.32 and a 200-day moving average of $62.91. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $73.69.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analysts’ expectations 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 company earned $1.21 earnings per share. Research analysts anticipate that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

Institutional Trading of Prosperity Bancshares

Large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in Prosperity Bancshares by 52.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after purchasing an additional 77,039 shares during the period. Amica Mutual Insurance Co. lifted its holdings in Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after buying an additional 19,224 shares during the period. Ceredex Value Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 2.4% during the second quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock worth $13,473,000 after acquiring an additional 5,100 shares during the period. Finally, Retirement Systems of Alabama increased its stake in shares of Prosperity Bancshares by 0.6% during the second quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock worth $7,240,000 after purchasing an additional 719 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.