Prosperity Bancshares (NYSE:PB) Stock Rating Lowered by 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 issued on Wednesday.

Several other equities research analysts have also recently issued reports on PB. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. UBS Group lowered their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $81.38.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $74.73 on Wednesday. The stock has a market capitalization of $7.12 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. The business has a 50 day simple moving average of $79.22 and a 200-day simple moving average of $73.11. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the firm earned $1.20 EPS. On average, equities research analysts anticipate that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insider Activity at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,100 shares of company stock worth $1,080,364. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently bought and sold shares of PB. TD Asset Management Inc lifted its position in shares of Prosperity Bancshares by 9.5% during the second quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock worth $2,177,000 after purchasing an additional 3,086 shares in the last quarter. Arizona State Retirement System boosted its position in Prosperity Bancshares by 1.7% in the 2nd quarter. Arizona State Retirement System now owns 26,184 shares of the bank’s stock valued at $1,601,000 after buying an additional 429 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Prosperity Bancshares in the second quarter worth $43,000. Quest Partners LLC increased its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at $46,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.