Prosperity Bancshares (NYSE:PB) Earns Overweight Rating from Cantor Fitzgerald

Prosperity Bancshares (NYSE:PB)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $80.00 price objective on the bank’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 11.73% from the stock’s previous close.

A number of other brokerages also recently issued reports on PB. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Citigroup upped their target price on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. TD Cowen lifted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, Piper Sandler boosted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $76.55.

Prosperity Bancshares Trading Up 0.6%

Shares of Prosperity Bancshares stock opened at $71.60 on Tuesday. The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.09 and a beta of 0.64. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50 day moving average of $69.37 and a 200 day moving average of $69.91.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same quarter in the previous year, the business earned $1.37 earnings per share. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts predict that Prosperity Bancshares will post 6.27 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $71.68, for a total transaction of $35,840.00. Following the sale, the director directly owned 75,115 shares in the company, valued at approximately $5,384,243.20. This represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 14,300 shares of company stock worth $986,524. 3.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after purchasing an additional 140,035 shares during the last quarter. State Street Corp increased its holdings in Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after buying an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after buying an additional 205,291 shares in the last quarter. AQR Capital Management LLC lifted its stake in Prosperity Bancshares by 34.5% during the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after purchasing an additional 1,179,307 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock worth $254,316,000 after buying an additional 15,192 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.