Prosperity Bancshares (NYSE:PB) Given Sector Perform Rating at Royal Bank of Canada

by · The Markets Daily

Royal Bank of Canada restated their sector perform rating on shares of Prosperity Bancshares (NYSE:PB – Free Report) in a report released on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $77.00 target price on the bank’s stock.

A number of other research firms have also recently weighed in on PB. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. Hovde Group lifted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Piper Sandler upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.96.

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Prosperity Bancshares Price Performance

NYSE:PB opened at $72.26 on Thursday. The company’s fifty day moving average price is $72.21 and its 200-day moving average price is $66.70. Prosperity Bancshares has a 1-year low of $52.49 and a 1-year high of $75.28. The firm has a market capitalization of $6.93 billion, a P/E ratio of 16.65, a PEG ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 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 firm earned $1.20 EPS. Equities analysts anticipate that Prosperity Bancshares will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is presently 53.46%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors have recently added to or reduced their stakes in PB. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after acquiring an additional 19,224 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Prosperity Bancshares by 1.8% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank’s stock worth $48,856,000 after purchasing an additional 14,175 shares during the last quarter. Hedge funds and other institutional investors own 80.69% 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; 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.

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