Prosperity Bancshares (NYSE:PB) Price Target Raised to $81.00 at Truist Financial

Prosperity Bancshares (NYSE:PB) had its target price upped by Truist Financial from $68.00 to $81.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other equities research analysts have also commented on the stock. Royal Bank of Canada restated a sector perform rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Wedbush increased their price objective on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a neutral rating in a report on Thursday. Stephens upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. Finally, 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 report on Thursday. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $73.50.

Prosperity Bancshares Trading Up 0.3 %

Shares of NYSE:PB opened at $72.80 on Thursday. The firm’s 50 day moving average is $62.32 and its two-hundred day moving average is $62.87. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $73.69. The firm has a market capitalization of $6.98 billion, a P/E ratio of 16.77, a PEG ratio of 1.50 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same quarter last year, the business earned $1.21 earnings per share. Analysts predict that Prosperity Bancshares will post 5.06 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Trading of Prosperity Bancshares

A number of large investors have recently added to or reduced their stakes in PB. Vanguard Group Inc. lifted its position in shares of Prosperity Bancshares by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock valued at $656,512,000 after acquiring an additional 53,844 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock valued at $401,551,000 after acquiring an additional 136,764 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Prosperity Bancshares by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after acquiring an additional 187,472 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Prosperity Bancshares by 0.3% in the 4th quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after acquiring an additional 8,373 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Prosperity Bancshares by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after acquiring an additional 44,978 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.