Royal Bank of Canada Raises Prosperity Bancshares (NYSE:PB) Price Target to $63.00

Prosperity Bancshares (NYSE:PB) had its price objective increased by Royal Bank of Canada from $62.00 to $63.00 in a report released on Thursday, BenzingaRatingsTable reports. They currently have a sector perform rating on the bank’s stock.

A number of other equities analysts have also issued reports on PB. TheStreet lowered shares of Prosperity Bancshares from a b- rating to a c+ rating in a research report on Friday, July 10th. Raymond James boosted their target price on shares of Prosperity Bancshares from $58.00 to $70.00 and gave the stock an outperform rating in a research report on Thursday, April 30th. Wedbush lowered shares of Prosperity Bancshares from an outperform rating to a neutral rating and boosted their target price for the stock from $67.00 to $72.00 in a research report on Tuesday, June 9th. Bank of America raised shares of Prosperity Bancshares from an underperform rating to a neutral rating and boosted their target price for the stock from $50.00 to $66.00 in a research report on Thursday, April 30th. Finally, Keefe, Bruyette & Woods raised shares of Prosperity Bancshares from a market perform rating to an outperform rating and set a $76.00 target price on the stock in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $69.50.

Shares of Prosperity Bancshares stock traded down $0.91 on Thursday, reaching $55.56. The stock had a trading volume of 1,080,787 shares, compared to its average volume of 528,735. The business’s 50-day moving average price is $57.73 and its two-hundred day moving average price is $60.38. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.79. Prosperity Bancshares has a fifty-two week low of $42.02 and a fifty-two week high of $75.22. The stock has a market cap of $5.15 billion, a P/E ratio of 11.11, a price-to-earnings-growth ratio of 1.06 and a beta of 1.47.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.28. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. The business had revenue of $284.63 million during the quarter, compared to analysts’ expectations of $279.04 million. During the same period in the previous year, the company earned $1.18 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares will post 5.3 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Monday, September 14th. Prosperity Bancshares’s payout ratio is 36.65%.

Several institutional investors and hedge funds have recently bought and sold shares of PB. AQR Capital Management LLC grew its position in Prosperity Bancshares by 229.2% during the 1st quarter. AQR Capital Management LLC now owns 101,498 shares of the bank’s stock worth $4,897,000 after acquiring an additional 70,662 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Prosperity Bancshares by 4.6% during the first quarter. Geode Capital Management LLC now owns 1,062,229 shares of the bank’s stock worth $51,252,000 after purchasing an additional 46,314 shares in the last quarter. Guggenheim Capital LLC grew its holdings in shares of Prosperity Bancshares by 33.1% during the fourth quarter. Guggenheim Capital LLC now owns 86,932 shares of the bank’s stock worth $6,250,000 after buying an additional 21,597 shares during the last quarter. State of Tennessee Treasury Department grew its holdings in shares of Prosperity Bancshares by 25.2% during the first quarter. State of Tennessee Treasury Department now owns 75,262 shares of the bank’s stock worth $3,631,000 after buying an additional 15,168 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Prosperity Bancshares by 97.6% during the first quarter. Alliancebernstein L.P. now owns 315,105 shares of the bank’s stock worth $15,204,000 after buying an additional 155,660 shares during the last quarter. 79.97% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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