Prosperity Bancshares (NYSE:PB) Price Target Cut to $64.00

Prosperity Bancshares (NYSE:PB) had its target price cut by Piper Sandler from $68.00 to $64.00 in a research note released on Thursday, BenzingaRatingsTable reports. They currently have an overweight rating on the bank’s stock.

A number of other research firms have also issued reports on PB. Raymond James upped their target price on Prosperity Bancshares from $58.00 to $70.00 and gave the company an outperform rating in a research note on Thursday, April 30th. Morgan Stanley upped their target price on Prosperity Bancshares from $63.00 to $67.00 and gave the company an equal weight rating in a research note on Monday, June 8th. Compass Point began coverage on Prosperity Bancshares in a report on Tuesday, April 14th. They issued a buy rating for the company. Bank of America upgraded Prosperity Bancshares from an underperform rating to a neutral rating and upped their price objective for the stock from $50.00 to $66.00 in a report on Thursday, April 30th. Finally, SunTrust Banks decreased their price target on shares of Prosperity Bancshares from $80.00 to $72.00 and set a buy rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $69.50.

PB traded down $0.91 during trading on Thursday, reaching $55.56. The company’s stock had a trading volume of 1,080,787 shares, compared to its average volume of 528,735. Prosperity Bancshares has a 52-week low of $42.02 and a 52-week high of $75.22. The company’s fifty day moving average price is $57.73 and its 200-day moving average price is $60.38. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 1.06 and a beta of 1.47. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.79.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.28. Prosperity Bancshares had a return on equity of 8.25% and a net margin of 36.72%. The business had revenue of $284.63 million for the quarter, compared to analyst estimates of $279.04 million. During the same quarter in the previous year, the company earned $1.18 EPS. Equities analysts predict that Prosperity Bancshares will post 5.3 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.46 dividend. The ex-dividend date is Monday, September 14th. This represents a $1.84 dividend on an annualized basis and a yield of 3.31%. Prosperity Bancshares’s payout ratio is 36.65%.

Hedge funds have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. acquired a new stake in Prosperity Bancshares during the first quarter worth about $35,000. Stifel Financial Corp bought a new position in shares of Prosperity Bancshares in the fourth quarter worth about $401,000. UBS Group AG raised its stake in shares of Prosperity Bancshares by 359.3% in the fourth quarter. UBS Group AG now owns 42,731 shares of the bank’s stock worth $3,072,000 after buying an additional 33,428 shares during the period. Guggenheim Capital LLC raised its stake in shares of Prosperity Bancshares by 33.1% in the fourth quarter. Guggenheim Capital LLC now owns 86,932 shares of the bank’s stock worth $6,250,000 after buying an additional 21,597 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Prosperity Bancshares by 40.1% in the fourth quarter. Alliancebernstein L.P. now owns 159,445 shares of the bank’s stock worth $11,463,000 after buying an additional 45,626 shares during the period. Institutional investors own 79.97% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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