Prosperity Bancshares (NYSE:PB) Raised to “Hold” at StockNews.com

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

PB has been the topic of a number of other research reports. Wedbush boosted their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a neutral rating in a report on Thursday, July 25th. Morgan Stanley raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating and boosted their target price for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Stephens upgraded Prosperity Bancshares from an equal weight rating to an overweight rating in a report on Wednesday, June 26th. Compass Point lifted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a report on Friday, July 26th. Finally, Piper Sandler upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a research report on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $74.81.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $71.21 on Thursday. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.43 and a beta of 0.91. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.05. The firm’s 50 day moving average price is $64.97 and its two-hundred day moving average price is $63.43.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share 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 analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period last year, the company posted $1.21 EPS. As a group, equities analysts predict that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.15%. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Natixis Advisors L.P. increased its holdings in shares of Prosperity Bancshares by 226.5% during the 4th quarter. Natixis Advisors L.P. now owns 144,994 shares of the bank’s stock valued at $9,819,000 after acquiring an additional 100,579 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its position in Prosperity Bancshares by 359.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after purchasing an additional 193,953 shares during the period. Goldman Sachs Group Inc. grew its holdings in Prosperity Bancshares by 11.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after purchasing an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Prosperity Bancshares in the first quarter valued at approximately $2,343,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Prosperity Bancshares by 14.8% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after purchasing an additional 101,230 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.