UBS Group Issues Pessimistic Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price target dropped by analysts at UBS Group from $77.00 to $76.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. UBS Group’s price objective points to a potential upside of 0.76% from the company’s current price.

Several other brokerages also recently commented on PB. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.50.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $75.43 on Thursday. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 16.01, a P/E/G ratio of 1.19 and a beta of 0.92. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.75. The firm’s 50-day simple moving average is $78.88 and its two-hundred day simple moving average is $71.99.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the business posted $1.20 earnings per share. Analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Insider Activity

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $78.48, for a total value of $39,240.00. Following the transaction, the director now directly owns 110,815 shares in the company, valued at approximately $8,696,761.20. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,100 shares of company stock worth $1,004,719 in the last quarter. 4.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Dimensional Fund Advisors LP grew its stake in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Prosperity Bancshares during the third quarter worth $16,478,000. Victory Capital Management Inc. grew its holdings in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in Prosperity Bancshares by 418.0% in the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after acquiring an additional 90,015 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

About Prosperity Bancshares

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.