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

Prosperity Bancshares (NYSE:PB) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

A number of other research firms also recently commented on PB. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays lifted their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Prosperity Bancshares Price Performance

PB opened at $75.35 on Tuesday. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75. The stock has a market capitalization of $7.18 billion, a P/E ratio of 16.00, a P/E/G ratio of 1.19 and a beta of 0.92. The business has a 50 day simple moving average of $79.10 and a 200-day simple moving average of $72.56.

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

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the sale, the director now owns 7,525 shares of the company’s stock, valued at $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,600 shares of company stock valued at $1,042,739 over the last ninety days. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its holdings in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock valued at $2,509,000 after acquiring an additional 9,935 shares in the last quarter. Tidal Investments LLC grew its stake in Prosperity Bancshares by 5.7% in the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after purchasing an additional 209 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Prosperity Bancshares in the third quarter valued at about $372,000. Sunbelt Securities Inc. raised its stake in Prosperity Bancshares by 31.0% during the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after buying an additional 232 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Prosperity Bancshares by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after buying an additional 15,309 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

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.