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

PB has been the subject of a number of other research reports. Wedbush lowered shares of Prosperity Bancshares from an outperform rating to a neutral rating and raised their price objective for the company from $67.00 to $72.00 in a report on Tuesday, June 9th. Compass Point initiated coverage on shares of Prosperity Bancshares in a report on Tuesday, April 14th. They set a buy rating for the company. Raymond James lifted their price objective on shares of 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 lifted their price target on shares of Prosperity Bancshares from $63.00 to $67.00 and gave the company an equal weight rating in a research report on Monday, June 8th. Finally, Zacks Investment Research raised shares of Prosperity Bancshares from a hold rating to a buy rating and set a $61.00 price objective on the stock in a report on Thursday, July 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. Prosperity Bancshares currently has a consensus rating of Hold and an average price target of $69.50.

Shares of Prosperity Bancshares stock traded down $0.91 on Thursday, hitting $55.56. The company had a trading volume of 1,080,787 shares, compared to its average volume of 528,735. Prosperity Bancshares has a twelve month low of $42.02 and a twelve month high of $75.22. The stock has a 50-day moving average of $57.73 and a 200-day moving average of $60.38. The firm has a market capitalization of $5.15 billion, a P/E ratio of 11.11, a P/E/G ratio of 1.06 and a beta of 1.47. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.79 and a quick ratio of 0.75.

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

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Piedmont Investment Advisors Inc. raised its position in Prosperity Bancshares by 2.3% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 8,078 shares of the bank’s stock valued at $390,000 after purchasing an additional 181 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in Prosperity Bancshares by 24.2% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,246 shares of the bank’s stock valued at $60,000 after buying an additional 243 shares in the last quarter. HighTower Advisors LLC increased its position in Prosperity Bancshares by 2.9% during the 1st quarter. HighTower Advisors LLC now owns 9,973 shares of the bank’s stock valued at $482,000 after buying an additional 278 shares in the last quarter. Sowell Financial Services LLC grew its stake in Prosperity Bancshares by 79.4% during the 1st quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock valued at $33,000 after purchasing an additional 300 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in Prosperity Bancshares by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,100 shares of the bank’s stock valued at $1,372,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 79.97% of the company’s stock.

About Prosperity Bancshares

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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