Compass Point Raises Price Target on Prosperity Bancshares (NYSE:PB) to $80.00

Prosperity Bancshares (NYSE:PB – Get Free Report) has raised its price target by investment analysts at Compass Point to $80.00 from $73.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. Compass Point’s price target would indicate a potential upside of 9.89% from the firm’s previous close.

PB has been the subject of a number of other reports. Wedbush raised their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday. Royal Bank of Canada raised their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday. Truist Financial raised their price target on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday. DA Davidson raised their price target on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Piper Sandler raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday. Five analysts have rated the stock with a hold rating, eight have given it a buy rating and one has given the stock a strong buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.50.

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Prosperity Bancshares trades up 0.3%

Shares of PB opened at $72.80 on Friday. The company has a market cap of $6.98 billion, a PE ratio of 16.77, a price-to-earnings growth ratio of 1.61 and a beta of 0.91. The company’s 50-day simple moving average is $62.32 and its 200-day simple moving average is $62.91. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $73.69.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its earnings results on Wednesday, July 24. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million for the quarter, compared to analysts’ 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 period last year, the company posted earnings per share of $1.21. As a group, equities research analysts predict that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Institutional inflow and outflow

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares in the last quarter. Planned Solutions Inc. acquired a new position in shares of Prosperity Bancshares in the 4th quarter worth $37,000. Parallel Advisors LLC increased its stake in Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares in the last quarter. Mather Group LLC acquired a new position in Prosperity Bancshares in the 1st quarter worth approximately $50,000. Finally, Signaturefd LLC increased its stake in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after purchasing an additional 470 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s shares.

Company Profile Prosperity Bancshares

(Get free report)

Prosperity Bancshares, Inc. is a bank holding company for Prosperity Bank, which provides financial products and services to businesses and consumers. It accepts a variety of deposit products, including demand, savings, money market, and time accounts, as well as certificates of deposit. The company also offers 1-4 family mortgages; 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 automobiles, recreational vehicles, boats, home improvement, personal, and collateralized deposit accounts; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and equipment and machinery purchases.

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