Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

Prosperity Bancshares (NYSE:PB) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

A number of other research firms have also issued reports on PB. Wedbush reiterated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Compass Point increased their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Raymond James lowered 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. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Stock Down 0.0 %

PB opened at $82.95 on Tuesday. The firm has a 50-day moving average price of $73.40 and a 200-day moving average price of $68.08. Prosperity Bancshares has a twelve month low of $56.37 and a twelve month high of $85.13. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping 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 the consensus estimate of $299.83 million. During the same period last year, the firm earned $1.20 EPS. On average, sell-side analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at about $294,000. Goodman Financial Corp purchased a new stake in Prosperity Bancshares in the third quarter worth approximately $346,000. FMR LLC grew its position in Prosperity Bancshares by 69.9% during the third quarter. FMR LLC now owns 7,736 shares of the bank’s stock valued at $558,000 after acquiring an additional 3,182 shares during the last quarter. Prospector Partners LLC raised its stake in shares of Prosperity Bancshares by 24.6% during the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after acquiring an additional 45,177 shares in the last quarter. Finally, DRW Securities LLC bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth approximately $2,028,000. 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.