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

Prosperity Bancshares (NYSE:PB – Get Rating) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research report issued to clients and investors on Wednesday.

A number of other equities research analysts have also recently commented on the company. Wolfe Research upgraded Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 target price on the stock in a research report on Wednesday, May 3rd. Raymond James reduced their price target on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. Janney Montgomery Scott raised Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Monday, March 13th. DA Davidson raised Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Monday, March 13th. Finally, Truist Financial cut their price objective on Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating on the stock in a research report on Thursday, March 23rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.73.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $57.76 on Wednesday. The business’s 50 day moving average price is $60.74 and its 200-day moving average price is $68.73. Prosperity Bancshares has a fifty-two week low of $56.72 and a fifty-two week high of $78.76. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.12 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its earnings results on Wednesday, April 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. The business had revenue of $365.58 million for the quarter, compared to analysts’ expectations of $285.02 million. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. During the same quarter last year, the firm earned $1.33 EPS. Sell-side analysts predict that Prosperity Bancshares will post 5.37 earnings per share for the current year.

Insider Activity

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. acquired 1,000 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average price of $62.90 per share, with a total value of $62,900.00. Following the transaction, the chairman now directly owns 202,891 shares in the company, valued at $12,761,843.90. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average cost of $62.90 per share, with a total value of $62,900.00. Following the completion of the purchase, the chairman now directly owns 202,891 shares in the company, valued at $12,761,843.90. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director L. Jack Lord bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were acquired at an average cost of $62.04 per share, with a total value of $310,200.00. Following the completion of the purchase, the director now owns 33,125 shares of the company’s stock, valued at $2,055,075. The disclosure for this purchase can be found here. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PB. JPMorgan Chase & Co. lifted its holdings in shares of Prosperity Bancshares by 42.1% during the 1st quarter. JPMorgan Chase & Co. now owns 413,296 shares of the bank’s stock worth $25,424,000 after acquiring an additional 122,378 shares during the period. Advisory Services Network LLC grew its position in shares of Prosperity Bancshares by 9.2% during the 1st quarter. Advisory Services Network LLC now owns 8,300 shares of the bank’s stock worth $511,000 after buying an additional 700 shares during the period. Sunbelt Securities Inc. bought a new position in Prosperity Bancshares during the 1st quarter worth approximately $56,000. Mercer Global Advisors Inc. ADV boosted its stake in Prosperity Bancshares by 3.8% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 8,179 shares of the bank’s stock worth $508,000 after acquiring an additional 303 shares during the last quarter. Finally, State Street Corp boosted its stake in Prosperity Bancshares by 9.3% during the 1st quarter. State Street Corp now owns 7,970,933 shares of the bank’s stock worth $494,608,000 after acquiring an additional 678,843 shares during the last quarter. Institutional investors and hedge funds own 81.32% of the company’s stock.

About Prosperity Bancshares

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.