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

Prosperity Bancshares (NYSE:PB) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.

Other research analysts have also recently issued research reports about the stock. UBS Group lowered their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Barclays boosted their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 7th. Finally, Stephens increased their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $82.88.

Prosperity Bancshares Trading Down 0.6 %

NYSE:PB opened at $70.24 on Tuesday. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.76. The firm has a market cap of $6.69 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. The stock has a fifty day moving average price of $77.08 and a 200 day moving average price of $76.34.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities analysts forecast that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the sale, the director now directly owns 107,137 shares of the company’s stock, valued at $8,578,459.59. This represents a 3.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total value of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares in the company, valued at $7,753,290.30. This trade represents a 0.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,000 shares of company stock worth $706,870. Insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC increased its stake in Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after buying an additional 312 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares in the last quarter. Hedge funds and other 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.