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

Prosperity Bancshares (NYSE:PB) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

PB has been the subject of a number of other reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Barclays increased their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $81.38.

Prosperity Bancshares Stock Up 1.3 %

PB stock opened at $74.73 on Wednesday. The business has a 50 day moving average price of $79.22 and a 200 day moving average price of $73.11. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.19 and a beta of 0.93. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates 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 posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 5.05 EPS for the current year.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,100 shares of company stock worth $1,080,364. 4.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares in the last quarter. M&T Bank Corp raised its position in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after purchasing an additional 149 shares during the period. US Bancorp DE lifted its stake in shares of Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the last quarter. Tectonic Advisors LLC lifted its stake in shares of Prosperity Bancshares by 3.0% in the third quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after buying an additional 206 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after buying an additional 209 shares during the period. Institutional investors own 80.69% of the company’s stock.

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.