Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB - Free Report) from a sell rating to a hold rating in a research note released on Thursday morning.

PB has been the topic of a number of other reports. Piper Sandler upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a research note on Thursday, July 25th. Stephens upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a buy rating in a research report on Friday, July 26th. Royal Bank of Canada increased their target price on Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a report on Thursday, July 25th. Finally, DA Davidson lifted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a buy rating in a report on Thursday, July 25th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $74.81.

Prosperity Bancshares Price Performance

Shares of PB stock traded up $1.27 during trading on Thursday, reaching $70.75. The company's stock had a trading volume of 416,632 shares, compared to its average volume of 587,137. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.05. The stock's 50-day moving average price is $64.51 and its 200 day moving average price is $63.37. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 1.44 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the previous year, the firm posted $1.21 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.17%. Prosperity Bancshares's dividend payout ratio (DPR) is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently made changes to their positions in PB. Raymond James & Associates grew its holdings in Prosperity Bancshares by 12.9% during the fourth quarter. Raymond James & Associates now owns 19,115 shares of the bank's stock worth $1,295,000 after acquiring an additional 2,188 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Prosperity Bancshares in the fourth quarter worth $1,119,000. Louisiana State Employees Retirement System purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $1,781,000. Strs Ohio acquired a new stake in shares of Prosperity Bancshares during the fourth quarter valued at $2,192,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Prosperity Bancshares by 15.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,909 shares of the bank's stock valued at $1,145,000 after purchasing an additional 2,254 shares during the last quarter. Institutional investors and hedge funds 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.