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

Prosperity Bancshares (NYSE:PB)‘s stock had its “peer perform” rating restated by research analysts at Wolfe Research in a research note issued on Thursday,Benzinga reports.

Several other analysts have also recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Barclays increased 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 note on Thursday, October 24th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Hovde Group increased their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.95.

Prosperity Bancshares Stock Up 0.0 %

PB opened at $83.38 on Thursday. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75. The company has a market cap of $7.94 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The company has a 50-day moving average price of $76.67 and a 200 day moving average price of $70.18.

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

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $83.04, for a total transaction of $41,520.00. Following the transaction, the director now directly owns 112,815 shares in the company, valued at $9,368,157.60. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,100 shares of company stock valued at $604,114 in the last ninety days. Insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares in the last quarter. Quarry LP lifted its stake in shares of Prosperity Bancshares by 533.3% in 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 lifted its stake in shares of Prosperity Bancshares by 3,147.1% in 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. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at about $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at about $46,000. Hedge funds and other 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.