Prosperity Bancshares' (PB) "Sector Perform" Rating Reaffirmed at Royal Bank of Canada

Prosperity Bancshares (NYSE:PB - Get Free Report)'s stock had its "sector perform" rating reaffirmed by research analysts at Royal Bank of Canada in a research report issued on Thursday, Benzinga reports. They currently have a $77.00 target price on the bank's stock. Royal Bank of Canada's price target would suggest a potential upside of 4.72% from the company's previous close.

PB has been the subject of a number of other research reports. Compass Point boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a "buy" rating in a report on Friday, July 26th. Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Barclays raised their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an "equal weight" rating in a research note on Thursday. DA Davidson downgraded Prosperity Bancshares from a "buy" rating to a "neutral" rating and cut their target price for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.58.

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded up $0.21 during trading hours on Thursday, reaching $73.53. 801,758 shares of the stock were exchanged, compared to its average volume of 572,442. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of 16.11, a P/E/G ratio of 1.52 and a beta of 0.89. The stock's fifty day simple moving average is $72.13 and its 200 day simple moving average is $66.54. Prosperity Bancshares has a 52 week low of $49.82 and a 52 week high of $75.28.

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

Institutional Trading of Prosperity Bancshares

Hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank's stock worth $388,799,000 after purchasing an additional 184,453 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank's stock valued at $57,192,000 after buying an additional 19,224 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in shares of Prosperity Bancshares by 1.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank's stock worth $48,856,000 after acquiring an additional 14,175 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.