Barclays Issues Positive Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price target boosted by stock analysts at Barclays from $84.00 to $88.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective would indicate a potential upside of 17.41% from the company’s current price.

A number of other equities research analysts have also commented on the company. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $82.05.

Prosperity Bancshares Stock Up 1.1 %

NYSE PB opened at $74.95 on Friday. The company has a 50 day moving average price of $78.69 and a 200 day moving average price of $71.62. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.75. The firm has a market cap of $7.14 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

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

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total value of $39,240.00. Following the transaction, the director now directly owns 110,815 shares in the company, valued at approximately $8,696,761.20. This trade represents a 0.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares in the company, valued at approximately $8,578,459.59. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,100 shares of company stock worth $1,004,719 in the last quarter. 4.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC raised its position in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter valued at approximately $43,000. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter valued at $46,000. Finally, GAMMA Investing LLC increased its position in Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

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.