Prosperity Bancshares (NYSE:PB) Rating Lowered to Hold at Truist Financial

by · The Markets Daily

Prosperity Bancshares (NYSE:PB – Get Free Report) was downgraded by research analysts at Truist Financial from a “buy” rating to a “hold” rating in a note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $79.00 target price on the bank’s stock, down from their previous target price of $81.00. Truist Financial’s price target would suggest a potential upside of 8.82% from the company’s previous close.

Several other brokerages also recently commented on PB. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. Hovde Group increased their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Wedbush boosted their target price on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. DA Davidson upped their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Compass Point lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.88.

Read Our Latest Research Report on PB

Prosperity Bancshares Price Performance

PB opened at $72.60 on Friday. The stock’s 50 day simple moving average is $71.31 and its 200 day simple moving average is $65.12. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.50 and a beta of 0.90. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.87.

Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter last year, the business earned $1.21 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 5.07 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in PB. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter worth approximately $540,000. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Prosperity Bancshares by 135.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock worth $641,000 after acquiring an additional 6,022 shares during the last quarter. Silver Lake Advisory LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter worth $611,000. Finally, Algert Global LLC raised its position in shares of Prosperity Bancshares by 27.7% in the 2nd quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock worth $2,654,000 after purchasing an additional 9,415 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

(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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