Prosperity Bancshares (NYSE:PB) Lowered to Outperform at Raymond James

Prosperity Bancshares (NYSE:PB) was downgraded by Raymond James from a “strong-buy” rating to an “outperform” rating in a note issued to investors on Tuesday, FinViz reports. They presently have a $80.00 price objective on the bank’s stock. Raymond James’ price target points to a potential upside of 9.63% from the company’s previous close.

Several other research analysts have also commented on the company. Hovde Group boosted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Compass Point boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada increased their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” 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 and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $76.04.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $72.97 on Tuesday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $74.67. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 1.47 and a beta of 0.90. The firm’s 50-day moving average is $70.46 and its two-hundred day moving average is $64.85.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the company posted $1.21 earnings per share. On average, equities analysts expect that Prosperity Bancshares will post 5.07 earnings per share for the current year.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Prosperity Bancshares in the 4th quarter worth approximately $64,749,000. Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth $32,842,000. Public Employees Retirement Association of Colorado increased its stake 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 acquiring an additional 193,953 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Institutional investors and hedge funds 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.