Prosperity Bancshares (NYSE:PB) PT Lowered to $63.00 at Wolfe Research

Prosperity Bancshares (NYSE:PBGet Rating) had its target price decreased by research analysts at Wolfe Research from $69.00 to $63.00 in a research note issued to investors on Thursday, The Fly reports. Wolfe Research’s target price suggests a potential downside of 11.02% from the company’s current price.

Separately, StockNews.com began coverage on shares of Prosperity Bancshares in a report on Thursday, March 31st. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.25.

NYSE PB opened at $70.80 on Thursday. The company has a fifty day simple moving average of $68.57 and a 200 day simple moving average of $72.14. The company has a market cap of $6.53 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.24 and a beta of 1.08. Prosperity Bancshares has a 1 year low of $64.40 and a 1 year high of $80.46.

Prosperity Bancshares (NYSE:PBGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The bank reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.02. Prosperity Bancshares had a net margin of 43.64% and a return on equity of 7.95%. During the same quarter in the prior year, the company posted $1.44 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 5.62 earnings per share for the current fiscal year.

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. acquired 2,000 shares of the company’s stock in a transaction dated Thursday, May 12th. The stock was bought at an average price of $67.00 per share, for a total transaction of $134,000.00. Following the purchase, the chairman now owns 2,000 shares in the company, valued at approximately $134,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.22% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp increased its position in shares of Prosperity Bancshares by 54.2% during the 4th quarter. Fifth Third Bancorp now owns 765 shares of the bank’s stock worth $55,000 after purchasing an additional 269 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Prosperity Bancshares by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank’s stock worth $133,622,000 after purchasing an additional 118,165 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $664,000. Russell Investments Group Ltd. increased its position in shares of Prosperity Bancshares by 5.2% during the 4th quarter. Russell Investments Group Ltd. now owns 66,988 shares of the bank’s stock worth $4,841,000 after purchasing an additional 3,286 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of Prosperity Bancshares by 10.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 5,044 shares of the bank’s stock worth $364,000 after purchasing an additional 474 shares in the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.

About Prosperity Bancshares (Get Rating)

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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