Prosperity Bancshares (NYSE:PB) Raised to “Sell” at StockNews.com

Prosperity Bancshares (NYSE:PB – Get Free Report) was upgraded by investment analysts at StockNews.com to a “sell” rating in a report released on Friday.

PB has been the topic of a number of other research reports. Raymond James lifted their target price on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Stephens boosted their price objective on shares of Prosperity Bancshares from $63.00 to $67.00 in a research note on Thursday, July 27th. Morgan Stanley reissued an “underweight” rating and set a $60.00 price objective on shares of Prosperity Bancshares in a research note on Monday, July 31st. Truist Financial dropped their price objective on shares of Prosperity Bancshares from $71.00 to $64.00 in a research note on Thursday, June 29th. Finally, Wedbush reissued a “neutral” rating and set a $64.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.00.

Read Our Latest Research Report on Prosperity Bancshares

Prosperity Bancshares Stock Down 0.6 %

Shares of PB traded down $0.34 during trading hours on Friday, reaching $56.30. 388,863 shares of the company traded hands, compared to its average volume of 743,899. The company’s fifty day moving average price is $58.93 and its two-hundred day moving average price is $62.19. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of 10.60, a price-to-earnings-growth ratio of 1.13 and a beta of 0.95. Prosperity Bancshares has a 12 month low of $54.45 and a 12 month high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its earnings results on Wednesday, July 26th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. The firm had revenue of $276.15 million for the quarter, compared to analyst estimates of $281.98 million. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. On average, analysts expect that Prosperity Bancshares will post 5.02 EPS for the current year.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Zions Bancorporation N.A. purchased a new stake in Prosperity Bancshares during the fourth quarter valued at approximately $30,000. Fifth Third Bancorp boosted its position in shares of Prosperity Bancshares by 29.6% in the second quarter. Fifth Third Bancorp now owns 749 shares of the bank’s stock worth $42,000 after purchasing an additional 171 shares during the period. Amica Retiree Medical Trust bought a new position in shares of Prosperity Bancshares in the second quarter worth approximately $42,000. Covestor Ltd boosted its position in shares of Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares during the period. Finally, State of Wyoming boosted its position in shares of Prosperity Bancshares by 25.1% in the second quarter. State of Wyoming now owns 891 shares of the bank’s stock worth $50,000 after purchasing an additional 179 shares during the period. 77.68% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

(Get Free Report)

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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