Prosperity Bancshares (NYSE:PB) Cut to “Sell” at StockNews.com

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

PB has been the subject of a number of other research reports. Royal Bank of Canada upped their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Piper Sandler upped their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Wedbush increased their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Truist Financial increased their price target on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, DA Davidson increased their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $74.81.

Prosperity Bancshares Stock Down 1.4 %

NYSE:PB traded down $0.99 during mid-day trading on Wednesday, hitting $69.51. 554,176 shares of the company traded hands, compared to its average volume of 593,271. The stock’s fifty day moving average price is $63.66 and its 200-day moving average price is $63.23. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.05. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 1.44 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results 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 business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the previous year, the company posted $1.21 earnings per share. Equities analysts predict that Prosperity Bancshares will post 5.06 EPS for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the period. Quest Partners LLC boosted its position in 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 in the last quarter. Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares during the 2nd quarter valued at $43,000. Headlands Technologies LLC bought a new stake in Prosperity Bancshares during the 2nd quarter valued at $46,000. Finally, Parallel Advisors LLC boosted its position in Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other 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.