Prosperity Bancshares (NYSE:PB) Rating Lowered 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 research report issued on Wednesday.

Several other equities research analysts have also recently weighed in on the stock. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Finally, Compass Point raised their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Stock Down 0.2 %

PB stock traded down $0.12 during mid-day trading on Wednesday, hitting $81.71. The company had a trading volume of 402,129 shares, compared to its average volume of 572,417. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 1.23 and a beta of 0.89. The company has a 50-day moving average price of $74.38 and a 200 day moving average price of $68.76. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $85.13.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, analysts expect that Prosperity Bancshares will post 5.05 EPS for the current year.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amica Mutual Insurance Co. lifted its stake in shares of Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares in the 3rd quarter worth approximately $4,804,000. Harbor Capital Advisors Inc. lifted its position in Prosperity Bancshares by 394.8% during the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after acquiring an additional 9,148 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.