Prosperity Bancshares (NYSE:PB) Upgraded by Morgan Stanley to Overweight

Morgan Stanley upgraded shares of Prosperity Bancshares (NYSE:PB) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, Marketbeat Ratings reports. Morgan Stanley currently has $86.00 price target on the bank’s stock, up from their prior price target of $75.00.

A number of other research firms have also issued reports on PB. Stephens raised Prosperity Bancshares from an equal weight rating to an overweight rating in a research report on Wednesday, June 26th. Piper Sandler raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an overweight rating in a report on Thursday, July 25th. DA Davidson boosted their price target 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. Truist Financial raised their price objective on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a buy rating in a report on Thursday, July 25th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a sell rating to a hold rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of Moderate Buy and a consensus target price of $74.81.

Prosperity Bancshares Stock Performance

Shares of PB opened at $70.14 on Monday. The stock has a market capitalization of $6.73 billion, a PE ratio of 16.16, a P/E/G ratio of 1.44 and a beta of 0.91. The company’s 50-day simple moving average is $63.83 and its 200-day simple moving average is $63.28. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.05.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating 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 company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter last year, the company posted $1.21 EPS. On average, sell-side analysts predict that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 51.61%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quest Partners LLC grew its position in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in Prosperity Bancshares in the 2nd quarter valued at $43,000. Headlands Technologies LLC acquired a new position in Prosperity Bancshares in the 2nd quarter valued at $46,000. Finally, Parallel Advisors LLC raised its position in Prosperity Bancshares by 835.9% during the 4th 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. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

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.