Prosperity Bancshares (NYSE:PB) Raised to Hold at StockNews.com

Prosperity Bancshares (NYSE:PB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Other analysts have also recently issued research reports about the company. Raymond James raised their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. UBS Group cut their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Stephens raised their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $82.88.

Prosperity Bancshares Trading Down 0.4 %

Prosperity Bancshares stock opened at $79.96 on Friday. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75. The firm has a market capitalization of $7.62 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 1.12 and a beta of 0.93. The firm’s 50 day simple moving average is $78.68 and its 200 day simple moving average is $75.12.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.68%. Research analysts forecast that Prosperity Bancshares will post 5.78 earnings per share for the current year.

Insider Transactions at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares 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 sale, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total transaction of $37,060.00. Following the completion of the transaction, the director now owns 109,315 shares of the company’s stock, valued at $8,102,427.80. This trade represents a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,100 shares of company stock worth $1,236,104. Insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of PB. Geode Capital Management LLC raised its position in shares of Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after acquiring an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after purchasing an additional 6,518 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Prosperity Bancshares by 6.4% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock valued at $67,002,000 after buying an additional 53,654 shares during the period. Verition Fund Management LLC boosted its holdings in shares of Prosperity Bancshares by 0.5% during the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock valued at $60,157,000 after buying an additional 3,978 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of Prosperity Bancshares by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after buying an additional 6,972 shares during the period. 80.69% of the stock is owned by institutional investors.

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.