Prosperity Bancshares (NYSE:PB) Raised to Neutral at Bank of America

Prosperity Bancshares (NYSE:PB) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “neutral” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm currently has a $80.00 target price on the bank’s stock. Bank of America‘s price target suggests a potential upside of 6.95% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Barclays lifted their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. UBS Group reduced their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Finally, StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, December 31st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.38.

Prosperity Bancshares Stock Performance

Shares of PB opened at $74.80 on Tuesday. The firm has a market cap of $7.13 billion, a P/E ratio of 15.88, a PEG ratio of 1.19 and a beta of 0.93. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75. The firm’s 50 day moving average price is $79.20 and its two-hundred day moving average price is $73.00.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million for 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 period in the previous year, the firm posted $1.20 EPS. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now directly owns 114,315 shares of the company’s stock, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,100 shares of company stock valued at $1,080,364 in the last quarter. 4.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of PB. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares during the period. M&T Bank Corp boosted its stake in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after buying an additional 149 shares during the period. US Bancorp DE grew its position in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares in the last quarter. Tectonic Advisors LLC increased its stake in Prosperity Bancshares by 3.0% during the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after acquiring an additional 206 shares during the period. Finally, Tidal Investments LLC raised its holdings in Prosperity Bancshares by 5.7% in the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after acquiring an additional 209 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.