Shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) have been given an average recommendation of "Hold" by the seven ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $75.80.
Several equities analysts have recently weighed in on the company. StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Wednesday, August 3rd. Piper Sandler cut their price objective on Prosperity Bancshares to $78.00 in a report on Monday, July 4th. Wedbush reiterated a "neutral" rating and set a $70.00 price objective on shares of Prosperity Bancshares in a report on Wednesday. Finally, Truist Financial cut their price objective on Prosperity Bancshares from $78.00 to $77.00 and set a "buy" rating on the stock in a report on Wednesday, June 15th.
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Prosperity Bancshares Trading Up 1.0 %
Shares of PB stock traded up $0.68 on Wednesday, hitting $67.42. The stock had a trading volume of 8,263 shares, compared to its average volume of 417,922. Prosperity Bancshares has a twelve month low of $64.69 and a twelve month high of $80.46. The company has a fifty day moving average price of $72.38 and a two-hundred day moving average price of $70.22. The firm has a market cap of $6.21 billion, a P/E ratio of 12.23, a PEG ratio of 1.18 and a beta of 1.04.
Prosperity Bancshares (NYSE:PB – Get Rating) last posted its earnings results on Wednesday, July 27th. The bank reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.02. The firm had revenue of $286.10 million during the quarter, compared to analysts' expectations of $285.39 million. Prosperity Bancshares had a return on equity of 7.85% and a net
margin of 43.50%. The company's revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.41 earnings per share. On average, analysts expect that Prosperity Bancshares will post 5.77 earnings per share for the current year.
Prosperity Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, September 14th. Prosperity Bancshares's payout ratio is 37.82%.
Institutional Investors Weigh In On Prosperity Bancshares
Institutional investors and hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. raised its stake in shares of Prosperity Bancshares by 166.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 386 shares of the bank's stock worth $26,000 after purchasing an additional 241 shares in the last quarter. Artemis Wealth Advisors LLC bought a new stake in shares of Prosperity Bancshares during the 1st quarter worth approximately $39,000. Covestor Ltd raised its stake in shares of Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank's stock worth $48,000 after purchasing an additional 315 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Prosperity Bancshares by 27.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 752 shares of the bank's stock worth $52,000 after acquiring an additional 162 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 72.2% during the 1st quarter. Parallel Advisors LLC now owns 911 shares of the bank's stock worth $64,000 after acquiring an additional 382 shares during the last quarter. Institutional investors own 81.50% of the company's stock.
About Prosperity Bancshares
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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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