Truist Financial Reiterates “Buy” Rating for Prosperity Bancshares (NYSE:PB)

Prosperity Bancshares (NYSE:PBGet Free Report)‘s stock had its “buy” rating reissued by research analysts at Truist Financial in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $75.00 price target on the bank’s stock. Truist Financial’s price objective suggests a potential upside of 19.26% from the company’s previous close.

PB has been the topic of several other research reports. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a report on Wednesday, February 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 25th. Raymond James boosted their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Barclays initiated coverage on shares of Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price on the stock. Finally, UBS Group boosted their target price on shares of Prosperity Bancshares from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.79.

Get Our Latest Analysis on Prosperity Bancshares

Prosperity Bancshares Trading Down 2.3 %

Shares of PB stock opened at $62.89 on Monday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88. The firm’s fifty day simple moving average is $63.21 and its 200 day simple moving average is $60.80. The firm has a market capitalization of $5.88 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 1.30 and a beta of 0.93.

Prosperity Bancshares (NYSE:PBGet Free Report) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. The firm had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same quarter in the previous year, the firm posted $1.51 EPS. Equities research analysts anticipate that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Planned Solutions Inc. bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at about $37,000. GAMMA Investing LLC bought a new stake in Prosperity Bancshares during the 4th quarter worth approximately $38,000. Covestor Ltd increased its stake in Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares in the last quarter. Parallel Advisors LLC increased its stake in Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares in the last quarter. Finally, Signaturefd LLC boosted its position in Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after acquiring an additional 470 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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