Prosperity Bancshares (NYSE:PB) Price Target Lowered to $83.00 at Morgan Stanley
by Tristan Rich · The Markets DailyProsperity Bancshares (NYSE:PB – Get Free Report) had its price target dropped by Morgan Stanley from $91.00 to $83.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price target points to a potential upside of 23.71% from the stock’s current price.
A number of other equities research analysts also recently commented on PB. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Cantor Fitzgerald raised their price target on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Janney Montgomery Scott downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Finally, Hovde Group upped their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $78.31.
Read Our Latest Stock Report on Prosperity Bancshares
Prosperity Bancshares Stock Up 2.2%
NYSE:PB traded up $1.44 during trading hours on Tuesday, reaching $67.09. 362,459 shares of the company’s stock were exchanged, compared to its average volume of 1,262,642. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a 50-day moving average of $69.92 and a 200 day moving average of $68.60. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.92 and a beta of 0.66.
Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. During the same quarter in the previous year, the firm posted $1.37 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. Research analysts forecast that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.
Insider Activity
In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $66.25, for a total transaction of $33,125.00. Following the sale, the director owned 79,415 shares of the company’s stock, valued at $5,261,243.75. The trade was a 0.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 13,200 shares of company stock worth $922,415. 3.96% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Prosperity Bancshares
Several hedge funds have recently bought and sold shares of PB. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $26,000. Community Bank N.A. acquired a new position in Prosperity Bancshares in the 3rd quarter valued at $29,000. Danske Bank A S purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $42,000. Finally, SouthState Bank Corp acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth $49,000. 80.69% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.
Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.