Barclays Boosts Prosperity Bancshares (NYSE:PB) Price Target to $76.00

Prosperity Bancshares (NYSE:PB - Free Report) had its target price boosted by Barclays from $75.00 to $76.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank's stock.

PB has been the subject of several other research reports. Wedbush raised shares of Prosperity Bancshares from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $75.00 to $90.00 in a research report on Tuesday, September 24th. Piper Sandler increased their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, July 25th. StockNews.com cut Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, August 28th. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and reduced their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, DA Davidson cut Prosperity Bancshares from a "buy" rating to a "neutral" rating and reduced their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $77.58.

Prosperity Bancshares Trading Up 0.3 %

NYSE:PB traded up $0.21 during trading hours on Thursday, hitting $73.53. The stock had a trading volume of 801,758 shares, compared to its average volume of 572,442. Prosperity Bancshares has a 1-year low of $49.82 and a 1-year high of $75.28. The business has a 50 day simple moving average of $72.13 and a two-hundred day simple moving average of $66.54. The company has a market cap of $7.00 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the prior year, the business earned $1.20 earnings per share. Research analysts expect that Prosperity Bancshares will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 3.16%. Prosperity Bancshares's payout ratio is currently 49.02%.

Institutional Trading of Prosperity Bancshares

Several large investors have recently made changes to their positions in PB. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP lifted its stake in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after acquiring an additional 416 shares during the period. Quest Partners LLC lifted its stake in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Prosperity Bancshares during the second quarter valued at $43,000. Finally, Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares during the second quarter valued at $46,000. Institutional investors 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.