Wolfe Research Reiterates “Peer Perform” Rating for Prosperity Bancshares (NYSE:PB)

Prosperity Bancshares (NYSE:PB)‘s stock had its “peer perform” rating reissued by investment analysts at Wolfe Research in a research report issued to clients and investors on Thursday, MarketBeat reports.

Several other analysts also recently commented on the company. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Finally, Barclays lifted their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.68.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $81.93 on Thursday. The stock’s fifty day moving average price is $77.11 and its two-hundred day moving average price is $70.39. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75. The company has a market cap of $7.81 billion, a price-to-earnings ratio of 17.39, a P/E/G ratio of 1.24 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the prior year, the business earned $1.20 EPS. On average, equities analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insider Activity at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were 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 in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,100 shares of company stock worth $604,114 over the last quarter. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quarry LP raised its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC raised its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares during the second quarter valued at about $46,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after purchasing an additional 534 shares during the period. 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.