Prosperity Bancshares (NYSE:PB) Rating Lowered to Sell at StockNews.com

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

Several other research analysts have also issued reports on PB. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Compass Point increased their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Wedbush increased their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Finally, Truist Financial increased their price target on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.04.

Prosperity Bancshares Trading Down 0.5 %

Shares of NYSE:PB opened at $72.98 on Wednesday. The stock has a market capitalization of $7.00 billion, a PE ratio of 16.82, a P/E/G ratio of 1.46 and a beta of 0.91. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.67. The firm has a fifty day moving average price of $67.42 and a 200 day moving average price of $64.02.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same period in the prior year, the company earned $1.21 earnings per share. On average, sell-side analysts forecast that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently modified their holdings of PB. Signaturefd LLC grew its stake in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after buying an additional 470 shares in the last quarter. GAMMA Investing LLC purchased a new position in Prosperity Bancshares in the 4th quarter worth approximately $38,000. Retirement Systems of Alabama grew its stake in Prosperity Bancshares by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 117,373 shares of the bank’s stock worth $7,950,000 after buying an additional 351 shares in the last quarter. Van ECK Associates Corp grew its stake in Prosperity Bancshares by 37.9% in the 4th quarter. Van ECK Associates Corp now owns 22,424 shares of the bank’s stock worth $1,519,000 after buying an additional 6,161 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Prosperity Bancshares by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock worth $401,551,000 after buying an additional 136,764 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.