Prosperity Bancshares (NYSE:PB) Price Target Raised to $94.00

Prosperity Bancshares (NYSE:PB) had its target price raised by equities research analysts at Stephens from $93.00 to $94.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Stephens’ target price suggests a potential upside of 16.41% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Wedbush reissued an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a report on Tuesday, January 7th. UBS Group cut their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Finally, Raymond James upped their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $82.88.

Prosperity Bancshares Price Performance

Shares of PB stock traded up $1.29 during trading hours on Thursday, reaching $80.75. 40,499 shares of the stock were exchanged, compared to its average volume of 494,655. The business’s fifty day moving average is $78.80 and its two-hundred day moving average is $74.93. The firm has a market capitalization of $7.69 billion, a P/E ratio of 17.13, a P/E/G ratio of 1.11 and a beta of 0.93. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. As a group, equities research analysts predict that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Prosperity Bancshares 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 value of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 14,600 shares of company stock valued at $1,196,144 over the last three months. 4.28% of the stock is currently owned by company insiders.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after purchasing an additional 128 shares during the last quarter. GAMMA Investing LLC grew its stake 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 acquiring an additional 143 shares during the last quarter. M&T Bank Corp increased its holdings in Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares in the last quarter. US Bancorp DE raised 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 acquiring an additional 153 shares during the last quarter. Finally, Savant Capital LLC lifted its holdings in shares of Prosperity Bancshares by 4.6% in the fourth quarter. Savant Capital LLC now owns 4,505 shares of the bank’s stock valued at $339,000 after purchasing an additional 197 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.