Prosperity Bancshares (NYSE:PB) Rating Lowered to Outperform at Raymond James

Prosperity Bancshares (NYSE:PB) was downgraded by analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued on Tuesday, FinViz reports. They currently have a $80.00 price target on the bank’s stock. Raymond James’ price target suggests a potential upside of 9.63% from the stock’s current price.

Several other research firms have also recently issued reports on PB. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Hovde Group boosted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Wedbush raised their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given 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 $76.04.

Prosperity Bancshares Trading Up 0.6 %

Shares of NYSE PB opened at $72.97 on Tuesday. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.67. The firm has a 50 day moving average of $70.46 and a 200 day moving average of $64.85. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter last year, the business earned $1.21 EPS. Sell-side analysts predict that Prosperity Bancshares will post 5.07 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds have recently bought and sold shares of PB. Public Employees Retirement Association of Colorado boosted its stake in shares of Prosperity Bancshares by 359.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after purchasing an additional 193,953 shares during the period. Goldman Sachs Group Inc. boosted its position in Prosperity Bancshares by 11.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after buying an additional 89,617 shares during the period. Kingsview Wealth Management LLC bought a new position in Prosperity Bancshares in the 1st quarter worth about $2,343,000. Amica Mutual Insurance Co. increased its position in shares of Prosperity Bancshares by 41.9% during the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Prosperity Bancshares by 14.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after acquiring an additional 101,230 shares in the last quarter. Institutional investors 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.