Prosperity Bancshares (NYSE:PB) Upgraded to Sell at StockNews.com

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) to a sell rating in a research report released on Friday.

A number of other analysts have also commented on PB. Wolfe Research upgraded shares of Prosperity Bancshares from an underperform rating to an outperform rating and set a $68.00 price target for the company in a research note on Wednesday, May 3rd. Truist Financial dropped their price objective on shares of Prosperity Bancshares from $71.00 to $64.00 in a report on Thursday, June 29th. Stephens raised their price objective on shares of Prosperity Bancshares from $63.00 to $67.00 in a report on Thursday, July 27th. Raymond James raised their price objective on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the stock an outperform rating in a report on Thursday, July 27th. Finally, Piper Sandler lifted their price target on shares of Prosperity Bancshares from $72.00 to $74.00 in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of Hold and an average price target of $71.00.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $56.30 on Friday. The firm has a 50-day simple moving average of $58.93 and a two-hundred day simple moving average of $62.19. Prosperity Bancshares has a fifty-two week low of $54.45 and a fifty-two week high of $78.76. The firm has a market cap of $5.28 billion, a P/E ratio of 10.60, a P/E/G ratio of 1.13 and a beta of 0.95.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. The firm had revenue of $276.15 million during the quarter, compared to analyst estimates of $281.98 million. On average, equities research analysts predict that Prosperity Bancshares will post 5.02 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.91%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is presently 41.43%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PB. Morgan Stanley increased its position in Prosperity Bancshares by 325.4% during the fourth quarter. Morgan Stanley now owns 2,390,076 shares of the bank’s stock valued at $173,711,000 after acquiring an additional 1,828,204 shares during the last quarter. State Street Corp boosted its stake in shares of Prosperity Bancshares by 11.5% during the second quarter. State Street Corp now owns 8,888,314 shares of the bank’s stock valued at $506,826,000 after purchasing an additional 917,381 shares during the period. Norges Bank purchased a new stake in shares of Prosperity Bancshares during the fourth quarter valued at $63,078,000. Bank of America Corp DE boosted its stake in shares of Prosperity Bancshares by 421.0% during the first quarter. Bank of America Corp DE now owns 774,756 shares of the bank’s stock valued at $47,663,000 after purchasing an additional 626,060 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Prosperity Bancshares by 251.2% during the second quarter. Goldman Sachs Group Inc. now owns 726,052 shares of the bank’s stock valued at $41,007,000 after purchasing an additional 519,338 shares during the period. Institutional investors own 77.68% 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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.