Prosperity Bancshares (NYSE:PB) Price Target Cut to $94.00 by Analysts at Morgan Stanley

Prosperity Bancshares (NYSE:PB) had its price objective decreased by investment analysts at Morgan Stanley from $102.00 to $94.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective would indicate a potential upside of 34.74% from the company’s current price.

PB has been the subject of several other reports. UBS Group lowered their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. Stephens boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, Barclays raised their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $83.50.

Prosperity Bancshares Trading Down 0.8 %

Shares of Prosperity Bancshares stock traded down $0.54 on Thursday, reaching $69.77. 117,806 shares of the stock were exchanged, compared to its average volume of 544,690. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75. The business has a fifty day moving average price of $76.98 and a two-hundred day moving average price of $76.29. The firm has a market capitalization of $6.65 billion, a PE ratio of 13.79, a PEG ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Research analysts expect that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total value of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares of the company’s stock, valued at approximately $7,753,290.30. This trade represents a 0.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the transaction, the director now owns 107,137 shares in the company, valued at approximately $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,000 shares of company stock valued at $706,870. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in Prosperity Bancshares in the 4th quarter valued at approximately $68,986,000. North Reef Capital Management LP acquired a new stake in Prosperity Bancshares during the fourth quarter valued at $29,211,000. Point72 Asset Management L.P. purchased a new position in Prosperity Bancshares in the third quarter valued at about $16,478,000. Northern Trust Corp grew its stake in Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock valued at $70,611,000 after purchasing an additional 190,449 shares in the last quarter. Finally, ExodusPoint Capital Management LP increased its position in Prosperity Bancshares by 462.3% in the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Hedge funds and other institutional investors 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.