Prosperity Bancshares (NYSE:PB) Given New $80.00 Price Target at Piper Sandler

Prosperity Bancshares (NYSE:PB) had its price objective upped by Piper Sandler from $73.00 to $80.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other equities research analysts also recently issued research reports about the company. Truist Financial dropped their target price on Prosperity Bancshares from $75.00 to $68.00 and set a buy rating on the stock in a research report on Monday, July 8th. Royal Bank of Canada reiterated a sector perform rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Stephens upgraded Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of Moderate Buy and an average price target of $73.50.

Prosperity Bancshares Stock Performance

PB stock opened at $72.80 on Thursday. The stock’s 50 day simple moving average is $62.32 and its 200 day simple moving average is $62.87. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $73.69. The company has a market cap of $6.98 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 1.61 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. The company 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 in the prior year, the company posted $1.21 earnings per share. Equities analysts predict that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.08%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares in the last quarter. Planned Solutions Inc. purchased a new stake in Prosperity Bancshares during the 4th quarter valued at about $37,000. Parallel Advisors LLC grew its stake in Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares in the last quarter. Abich Financial Wealth Management LLC grew its stake in Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after acquiring an additional 746 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after acquiring an additional 470 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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.