Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

by · The Markets Daily

Prosperity Bancshares (NYSE:PB – Get Free Report) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

A number of other brokerages have also weighed in on PB. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. UBS Group decreased their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.50.

Check Out Our Latest Analysis on PB

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded up $0.21 during mid-day trading on Tuesday, hitting $75.35. The stock had a trading volume of 359,612 shares, compared to its average volume of 558,010. The firm has a market cap of $7.18 billion, a P/E ratio of 16.00, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business has a 50 day moving average price of $79.06 and a two-hundred day moving average price of $72.54. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the prior year, the firm posted $1.20 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,600 shares of company stock valued at $1,042,739 in the last 90 days. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the business. Los Angeles Capital Management LLC purchased a new stake in Prosperity Bancshares in the third quarter worth approximately $4,804,000. Prospector Partners LLC lifted its holdings in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after buying an additional 45,177 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after buying an additional 112,101 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Prosperity Bancshares in the third quarter worth $372,000. Finally, US Bancorp DE increased its position in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

(Get Free Report)

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.

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