Prosperity Bancshares (NYSE:PB) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a report released on Friday morning.

A number of other research firms have also weighed in on PB. Stephens raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Royal Bank of Canada raised their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a sector perform rating in a research report on Thursday, July 25th. Piper Sandler raised their price target 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. DA Davidson raised their price target on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a research report on Thursday, July 25th. Finally, Compass Point raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a research report on Friday. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $73.50.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $71.79 on Friday. The stock has a market capitalization of $6.89 billion, a P/E ratio of 16.54, a P/E/G ratio of 1.50 and a beta of 0.91. The company has a 50-day moving average price of $62.47 and a 200-day moving average price of $62.92. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $73.69.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the company earned $1.21 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares will post 5.06 earnings per share 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. Stockholders of record on Friday, September 13th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. Norges Bank bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $64,749,000. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $46,306,000. Schroder Investment Management Group bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $32,842,000. Public Employees Retirement Association of Colorado raised its position in shares of Prosperity Bancshares by 359.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after purchasing an additional 193,953 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 5.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after purchasing an additional 187,472 shares during the period. 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.