Prosperity Bancshares, Inc. (NYSE:PB) Receives $68.86 Average Price Target from Analysts

Prosperity Bancshares, Inc. (NYSE:PBGet Free Report) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $68.86.

A number of analysts recently commented on the company. Barclays assumed coverage on Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target for the company. Truist Financial restated a “buy” rating and set a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th.

Get Our Latest Analysis on PB

Prosperity Bancshares Price Performance

Shares of PB opened at $58.79 on Friday. The firm has a market cap of $5.64 billion, a P/E ratio of 13.55, a P/E/G ratio of 1.23 and a beta of 0.90. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88. The stock has a 50 day simple moving average of $61.66 and a two-hundred day simple moving average of $63.31.

Prosperity Bancshares (NYSE:PBGet Free Report) last released its quarterly earnings data 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 firm had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same quarter in the prior year, the firm posted $1.37 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares will post 5 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.81%. Prosperity Bancshares’s payout ratio is currently 51.61%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in Prosperity Bancshares by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,050,650 shares of the bank’s stock valued at $57,344,000 after purchasing an additional 39,741 shares during the period. Van ECK Associates Corp raised its stake in Prosperity Bancshares by 42.8% during the 3rd quarter. Van ECK Associates Corp now owns 16,263 shares of the bank’s stock valued at $888,000 after purchasing an additional 4,875 shares during the period. State of New Jersey Common Pension Fund D raised its stake in Prosperity Bancshares by 5.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 44,149 shares of the bank’s stock valued at $2,410,000 after purchasing an additional 2,249 shares during the period. UBS Group AG raised its stake in Prosperity Bancshares by 82.8% during the 3rd quarter. UBS Group AG now owns 84,997 shares of the bank’s stock valued at $4,639,000 after purchasing an additional 38,506 shares during the period. Finally, Rhumbline Advisers raised its stake in Prosperity Bancshares by 1.1% during the 3rd quarter. Rhumbline Advisers now owns 332,548 shares of the bank’s stock valued at $18,150,000 after purchasing an additional 3,539 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

About Prosperity Bancshares

(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.

Featured Stories

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.