Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Rating of "Moderate Buy" by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the thirteen research firms that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $78.96.

Several brokerages have weighed in on PB. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. DA Davidson lowered Prosperity Bancshares from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Barclays upped their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an "equal weight" rating in a research note on Thursday, October 24th. Finally, Truist Financial cut shares of Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th.

Prosperity Bancshares Stock Up 2.7 %

Shares of Prosperity Bancshares stock traded up $2.14 during trading on Monday, hitting $82.23. 669,438 shares of the company were exchanged, compared to its average volume of 572,594. The firm has a 50 day moving average price of $72.83 and a 200 day moving average price of $67.71. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.19 and a beta of 0.89. Prosperity Bancshares has a fifty-two week low of $54.53 and a fifty-two week high of $83.35.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the firm posted $1.20 earnings per share. Analysts predict that Prosperity Bancshares will post 5.05 earnings per share for the current 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 issued a $0.58 dividend. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 2.82%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares's dividend payout ratio is currently 47.56%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its holdings in Prosperity Bancshares by 19.3% in the 1st quarter. BNP Paribas Financial Markets now owns 7,206 shares of the bank's stock worth $474,000 after buying an additional 1,166 shares in the last quarter. SG Americas Securities LLC grew its stake in Prosperity Bancshares by 363.4% during the 1st quarter. SG Americas Securities LLC now owns 23,665 shares of the bank's stock valued at $1,557,000 after purchasing an additional 18,558 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Prosperity Bancshares by 9.7% during the 1st quarter. Russell Investments Group Ltd. now owns 215,478 shares of the bank's stock valued at $14,173,000 after purchasing an additional 19,113 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in Prosperity Bancshares during the 1st quarter worth approximately $2,343,000. Finally, Lord Abbett & CO. LLC raised its position in shares of Prosperity Bancshares by 0.4% in the 1st quarter. Lord Abbett & CO. LLC now owns 134,527 shares of the bank's stock valued at $8,849,000 after purchasing an additional 507 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

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.