Prosperity Bancshares (NYSE:PB) PT Raised to $75.00 at Barclays

Prosperity Bancshares (NYSE:PB) had its price objective upped by stock analysts at Barclays from $70.00 to $75.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective indicates a potential upside of 5.93% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson upped their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Finally, Wedbush upgraded shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $75.00 to $90.00 in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.58.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $70.80 on Friday. The company’s fifty day moving average price is $71.68 and its two-hundred day moving average price is $65.41. The firm has a market capitalization of $6.74 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $74.87.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the prior year, the business posted $1.21 earnings per share. Analysts predict that Prosperity Bancshares will post 5.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PB. Janney Montgomery Scott LLC bought a new position in Prosperity Bancshares in the fourth quarter valued at about $409,000. PNC Financial Services Group Inc. grew its position in shares of Prosperity Bancshares by 10.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock worth $261,000 after buying an additional 355 shares during the period. Parallel Advisors LLC raised its stake in shares of Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after buying an additional 652 shares during the last quarter. Stifel Financial Corp lifted its holdings in Prosperity Bancshares by 3.2% in the fourth quarter. Stifel Financial Corp now owns 86,331 shares of the bank’s stock valued at $5,847,000 after buying an additional 2,682 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in Prosperity Bancshares by 4.2% in the fourth quarter. Treasurer of the State of North Carolina now owns 39,861 shares of the bank’s stock valued at $2,700,000 after acquiring an additional 1,611 shares during the last quarter. 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.