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

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

Other research analysts have also issued research reports about the stock. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Barclays raised their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $75.00 to $86.00 in a report on Monday, August 5th. Finally, Raymond James lowered shares of 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. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Stock Performance

PB stock opened at $83.73 on Friday. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The firm has a market cap of $7.98 billion, a PE ratio of 17.78, a PEG ratio of 1.25 and a beta of 0.89. The firm’s 50 day moving average price is $75.96 and its 200-day moving average price is $69.74.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for 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 in the previous year, the business earned $1.20 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the business’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 transaction 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. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,100 shares of company stock worth $520,264 in the last 90 days. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP lifted its stake in 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 buying an additional 416 shares during the last quarter. Quest Partners LLC lifted its stake in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $43,000. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares during the second quarter worth approximately $46,000. Hedge funds and other 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.