Truist Financial Lowers Prosperity Bancshares (NYSE:PB) to Hold

Prosperity Bancshares (NYSE:PB) was downgraded by equities research analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued on Friday, Briefing.com reports. They currently have a $79.00 price target on the bank’s stock, down from their previous price target of $81.00. Truist Financial’s price objective points to a potential upside of 6.37% from the stock’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. DA Davidson boosted their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Finally, Compass Point raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $75.88.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $74.27 on Friday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.87. The firm has a 50-day moving average of $71.14 and a 200 day moving average of $65.05. The stock has a market cap of $7.13 billion, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. During the same period last year, the business earned $1.21 earnings per share. Research analysts expect that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth about $64,749,000. Dimensional Fund Advisors LP boosted its position in shares of Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Schroder Investment Management Group bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $32,842,000. Public Employees Retirement Association of Colorado raised its holdings in shares of Prosperity Bancshares by 359.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after buying an additional 193,953 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

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.