Prosperity Bancshares (NYSE:PB) Rating Increased to Neutral at Bank of America

Prosperity Bancshares (NYSE:PB) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage currently has a $80.00 price target on the bank’s stock. Bank of America‘s target price would suggest a potential upside of 7.05% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Barclays raised their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Hold” and an average target price of $81.38.

Prosperity Bancshares Trading Up 1.3 %

PB opened at $74.73 on Tuesday. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75. The stock has a 50-day moving average of $79.20 and a 200 day moving average of $73.10. The firm has a market cap of $7.12 billion, a P/E ratio of 15.87, a P/E/G ratio of 1.19 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for 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 in the previous year, the company posted $1.20 EPS. On average, research analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now owns 109,815 shares of the company’s stock, valued at $8,263,578.75. This represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,100 shares of company stock worth $1,080,364 in the last three months. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently modified their holdings of the company. TD Asset Management Inc lifted its position in Prosperity Bancshares by 9.5% during the second quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock valued at $2,177,000 after acquiring an additional 3,086 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Prosperity Bancshares by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 26,184 shares of the bank’s stock valued at $1,601,000 after purchasing an additional 429 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter worth $43,000. Quest Partners LLC grew its stake in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Prosperity Bancshares during the 2nd quarter valued at about $46,000. 80.69% of the stock is currently owned by 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.