Prosperity Bancshares (NYSE:PB) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Prosperity Bancshares (NYSE:PB) in a research note issued to investors on Thursday, Benzinga reports. Royal Bank of Canada currently has a $77.00 price objective on the bank’s stock.

Several other equities analysts have also recently weighed in on the company. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Barclays boosted their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Finally, Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.58.

Prosperity Bancshares Trading Down 1.7 %

NYSE:PB traded down $1.28 on Thursday, reaching $72.25. 100,629 shares of the stock traded hands, compared to its average volume of 570,162. The company’s 50 day moving average is $72.19 and its 200-day moving average is $66.58. Prosperity Bancshares has a 1-year low of $52.49 and a 1-year high of $75.28. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the previous year, the business posted $1.20 EPS. On average, equities research analysts forecast that Prosperity Bancshares will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 49.02%.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Prosperity Bancshares by 10.1% in the fourth 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 last quarter. Harbour Capital Advisors LLC bought a new position in Prosperity Bancshares in the 1st quarter valued at approximately $249,000. Vaughan Nelson Investment Management L.P. boosted its stake in Prosperity Bancshares by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after purchasing an additional 101,230 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Prosperity Bancshares by 666,140.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 146,573 shares of the bank’s stock worth $9,642,000 after purchasing an additional 146,551 shares in the last quarter. Finally, State of Michigan Retirement System raised its stake in Prosperity Bancshares by 2.2% during the 1st quarter. State of Michigan Retirement System now owns 22,997 shares of the bank’s stock valued at $1,513,000 after buying an additional 500 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

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.