Prosperity Bancshares (NYSE:PB) Lowered to Outperform at Raymond James

Raymond James downgraded shares of Prosperity Bancshares (NYSE:PB) from a strong-buy rating to an outperform rating in a report released on Tuesday morning, Marketbeat reports. They currently have $80.00 price objective on the bank’s stock.

Several other research analysts also recently commented on the stock. Compass Point increased their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a report on Friday, July 26th. DA Davidson boosted their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a buy rating in a research report on Thursday, July 25th. StockNews.com downgraded Prosperity Bancshares from a hold rating to a sell rating in a research report on Wednesday, August 28th. Wedbush boosted their target price on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a research report on Thursday, July 25th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an equal weight rating to an overweight rating and boosted their target price for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Prosperity Bancshares presently has an average rating of Moderate Buy and an average target price of $75.88.

Prosperity Bancshares Trading Down 2.2 %

Shares of PB opened at $72.60 on Tuesday. The business’s 50 day moving average is $71.31 and its 200 day moving average is $65.12. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.87. The company has a market capitalization of $6.92 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.07 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.09%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Norges Bank bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $64,749,000. Dimensional Fund Advisors LP grew its stake in shares of Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $32,842,000. Public Employees Retirement Association of Colorado grew its stake in shares of Prosperity Bancshares by 359.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after buying an additional 193,953 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.