Prosperity Bancshares (NYSE:PB) Lowered to Sell Rating by StockNews.com

Prosperity Bancshares (NYSE:PB) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Several other research analysts have also recently issued reports on PB. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. Barclays raised their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Finally, Compass Point upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Price Performance

PB stock traded down $0.12 during mid-day trading on Wednesday, hitting $81.71. 402,129 shares of the stock were exchanged, compared to its average volume of 572,417. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 1.23 and a beta of 0.89. The business has a fifty day moving average price of $74.38 and a 200 day moving average price of $68.76. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $85.13.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations 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 prior year, the company earned $1.20 EPS. As a group, equities analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently made changes to their positions in PB. GAMMA Investing LLC lifted its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP lifted its position in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC grew its stake 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 valued at $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $43,000. Finally, Headlands Technologies LLC bought a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $46,000. Institutional investors own 80.69% of the company’s stock.

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.