Prosperity Bancshares (NYSE:PB) Price Target Cut to $78.00 by Analysts at Cantor Fitzgerald

Prosperity Bancshares (NYSE:PB) had its target price decreased by stock analysts at Cantor Fitzgerald from $85.00 to $78.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 17.55% from the company’s current price.

A number of other analysts have also recently weighed in on PB. Benchmark began coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating on the stock. TD Cowen reduced their price objective on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Piper Sandler boosted their price objective on Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Citigroup lowered their price objective on Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Tuesday, September 22nd. Finally, Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $77.55.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $66.35 on Wednesday. The company has a market cap of $6.69 billion, a PE ratio of 11.50, a P/E/G ratio of 0.74 and a beta of 0.66. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The firm has a 50-day simple moving average of $70.75 and a 200 day simple moving average of $70.47. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. During the same quarter last year, the company posted $1.42 earnings per share. Prosperity Bancshares’s revenue was up 25.9% on a year-over-year basis. On average, sell-side analysts anticipate that Prosperity Bancshares will post 6.46 EPS for the current year.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $74.26, for a total value of $44,556.00. Following the sale, the director owned 39,500 shares in the company, valued at approximately $2,933,270. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 11,600 shares of company stock valued at $829,985. 3.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust grew its holdings in Prosperity Bancshares by 52.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after acquiring an additional 197 shares during the period. Earned Wealth Advisors LLC lifted its stake in shares of Prosperity Bancshares by 6.2% in the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after purchasing an additional 213 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Prosperity Bancshares by 15.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock valued at $124,000 after purchasing an additional 256 shares during the period. Versant Capital Management Inc lifted its stake in shares of Prosperity Bancshares by 3.3% in the 2nd quarter. Versant Capital Management Inc now owns 10,921 shares of the bank’s stock valued at $798,000 after purchasing an additional 348 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock worth $145,000 after purchasing an additional 503 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.