Prosperity Bancshares, Inc. (NYSE:PB) has received an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $69.32.
Several analysts have recently issued reports on PB shares. TheStreet downgraded Prosperity Bancshares from a “b-” rating to a “c+” rating in a research report on Friday, July 10th. Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 4th. Royal Bank of Canada lifted their price target on shares of Prosperity Bancshares from $62.00 to $63.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Zacks Investment Research raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Thursday, July 2nd. Finally, Piper Sandler reduced their target price on Prosperity Bancshares from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Piedmont Investment Advisors Inc. boosted its stake in Prosperity Bancshares by 2.3% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 8,078 shares of the bank’s stock valued at $390,000 after purchasing an additional 181 shares in the last quarter. HighTower Advisors LLC grew its holdings in Prosperity Bancshares by 2.9% during the first quarter. HighTower Advisors LLC now owns 9,973 shares of the bank’s stock worth $482,000 after acquiring an additional 278 shares during the period. Sowell Financial Services LLC raised its position in Prosperity Bancshares by 79.4% in the first quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock worth $33,000 after acquiring an additional 300 shares in the last quarter. Louisiana State Employees Retirement System lifted its holdings in Prosperity Bancshares by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 23,100 shares of the bank’s stock valued at $1,372,000 after acquiring an additional 300 shares during the last quarter. Finally, Townsquare Capital LLC lifted its holdings in Prosperity Bancshares by 12.4% in the 1st quarter. Townsquare Capital LLC now owns 3,705 shares of the bank’s stock valued at $217,000 after acquiring an additional 409 shares during the last quarter. Hedge funds and other institutional investors own 78.14% of the company’s stock.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.28. The firm had revenue of $284.63 million during the quarter, compared to the consensus estimate of $279.04 million. Prosperity Bancshares had a return on equity of 8.25% and a net margin of 36.72%. During the same period in the previous year, the firm posted $1.18 EPS. Sell-side analysts expect that Prosperity Bancshares will post 5.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend is Monday, September 14th. Prosperity Bancshares’s payout ratio is currently 36.65%.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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