Stephens Upgrades Prosperity Bancshares (NYSE:PB) to “Overweight”

Prosperity Bancshares (NYSE:PB) was upgraded by investment analysts at Stephens from an “equal weight” rating to an “overweight” rating in a report released on Wednesday, Benzinga reports.

A number of other research firms have also recently weighed in on PB. Barclays started coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Truist Financial reaffirmed a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.86.

Prosperity Bancshares Stock Down 0.3 %

PB stock traded down $0.20 during mid-day trading on Wednesday, reaching $58.80. 22,299 shares of the stock traded hands, compared to its average volume of 543,619. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $68.88. The firm has a market capitalization of $5.64 billion, a PE ratio of 13.59, a P/E/G ratio of 1.27 and a beta of 0.90. The business has a 50-day moving average of $61.52 and a two-hundred day moving average of $63.18.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The firm had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. During the same quarter in the prior year, the firm posted $1.37 EPS. On average, equities research analysts anticipate that Prosperity Bancshares will post 5.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Planned Solutions Inc. bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $37,000. GAMMA Investing LLC acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $38,000. Parallel Advisors LLC increased its stake in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after purchasing an additional 652 shares during the last quarter. Abich Financial Wealth Management LLC raised its holdings in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after buying an additional 746 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after buying an additional 470 shares during the last quarter. Institutional investors and hedge funds 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.