Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

Posted by Defense World Staff on Jun 6th, 2023

Prosperity Bancshares (NYSE:PB – Get Rating) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research note issued on Tuesday.

Other equities analysts also recently issued research reports about the stock. Wolfe Research raised shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price objective on the stock in a research note on Wednesday, May 3rd. DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Monday, March 13th. Janney Montgomery Scott raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Monday, March 13th. Morgan Stanley downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $58.00 to $60.00 in a research note on Tuesday, May 16th. Finally, Raymond James lowered their price target on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, April 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $73.73.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $59.26 on Tuesday. Prosperity Bancshares has a 12-month low of $55.95 and a 12-month high of $78.76. The company has a market capitalization of $5.59 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.12 and a beta of 0.96. The firm’s 50-day moving average is $60.25 and its two-hundred day moving average is $67.92.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. The company had revenue of $365.58 million for the quarter, compared to the consensus estimate of $285.02 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. On average, analysts forecast that Prosperity Bancshares will post 5.37 EPS for the current fiscal year.

Insider Buying and Selling at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. bought 1,000 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average price of $62.90 per share, with a total value of $62,900.00. Following the purchase, the chairman now owns 202,891 shares in the company, valued at $12,761,843.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. acquired 1,000 shares of the stock in a transaction dated Monday, March 13th. The shares were bought at an average price of $62.90 per share, with a total value of $62,900.00. Following the purchase, the chairman now directly owns 202,891 shares of the company’s stock, valued at approximately $12,761,843.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director L. Jack Lord bought 5,000 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was purchased at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the completion of the transaction, the director now owns 33,125 shares of the company’s stock, valued at $2,055,075. The disclosure for this purchase can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently made changes to their positions in PB. Quadrant Capital Group LLC boosted its holdings in shares of Prosperity Bancshares by 49.1% during the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock worth $29,000 after purchasing an additional 144 shares during the period. Zions Bancorporation N.A. acquired a new stake in Prosperity Bancshares in the fourth quarter valued at approximately $30,000. Quantbot Technologies LP acquired a new stake in Prosperity Bancshares in the third quarter valued at approximately $34,000. Covestor Ltd lifted its stake in Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in Prosperity Bancshares by 73.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after acquiring an additional 300 shares during the last quarter. 81.32% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.