Prosperity Bancshares, Inc. (NYSE:PB) has earned an average recommendation of “Hold” from the sixteen brokerages that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $69.50.
A number of research firms have issued reports on PB. Royal Bank of Canada raised their price target on shares of Prosperity Bancshares from $62.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Thursday. Piper Sandler dropped their price objective on shares of Prosperity Bancshares from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday. TheStreet cut shares of Prosperity Bancshares from a “b-” rating to a “c+” rating in a research note on Friday, July 10th. Wedbush cut shares of Prosperity Bancshares from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $67.00 to $72.00 in a research note on Tuesday, June 9th. Finally, ValuEngine cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, May 22nd.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp boosted its stake in Prosperity Bancshares by 97.7% during the 1st quarter. State Street Corp now owns 6,053,987 shares of the bank’s stock worth $294,969,000 after purchasing an additional 2,992,209 shares during the last quarter. Wellington Management Group LLP boosted its stake in Prosperity Bancshares by 5.7% during the 1st quarter. Wellington Management Group LLP now owns 3,025,112 shares of the bank’s stock worth $145,962,000 after purchasing an additional 163,196 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in Prosperity Bancshares by 1.9% during the 1st quarter. Champlain Investment Partners LLC now owns 2,596,975 shares of the bank’s stock worth $125,304,000 after purchasing an additional 47,935 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Prosperity Bancshares by 0.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,937,592 shares of the bank’s stock worth $93,489,000 after purchasing an additional 9,291 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Prosperity Bancshares by 4.6% during the 1st quarter. Geode Capital Management LLC now owns 1,062,229 shares of the bank’s stock worth $51,252,000 after purchasing an additional 46,314 shares during the last quarter. 79.97% of the stock is currently owned by institutional investors.
Shares of Prosperity Bancshares stock opened at $55.56 on Tuesday. The firm has a market capitalization of $5.15 billion, a P/E ratio of 11.11, a PEG ratio of 1.07 and a beta of 1.47. The company has a quick ratio of 0.75, a current ratio of 0.79 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average price of $57.73 and a 200 day moving average price of $60.38. Prosperity Bancshares has a 52 week low of $42.02 and a 52 week high of $75.22.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.28. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. The company had revenue of $284.63 million during the quarter, compared to analyst estimates of $279.04 million. During the same period last year, the firm posted $1.18 EPS. As a group, research analysts anticipate that Prosperity Bancshares will post 5.27 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.46 dividend. The ex-dividend date is Monday, September 14th. This represents a $1.84 dividend on an annualized basis and a yield of 3.31%. Prosperity Bancshares’s dividend payout ratio is currently 36.65%.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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