UBS Group Issues Pessimistic Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its target price decreased by research analysts at UBS Group from $77.00 to $76.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. UBS Group’s target price would suggest a potential upside of 0.76% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Barclays raised their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.50.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $75.43 on Thursday. The stock has a market capitalization of $7.19 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business has a fifty day moving average price of $78.88 and a 200 day moving average price of $71.99. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the previous year, the business posted $1.20 EPS. As a group, 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 news, Director Ned S. Holmes sold 500 shares of the firm’s 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 owns 110,815 shares in the company, valued at $8,696,761.20. This trade represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders have sold 12,100 shares of company stock valued at $1,004,719. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP boosted its stake in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC boosted 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 valued at $34,000 after acquiring an additional 535 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after purchasing an additional 227 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. lifted its holdings in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 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.