Prosperity Bancshares (NYSE:PB) Coverage Initiated at Jefferies Financial Group

Equities research analysts at Jefferies Financial Group started coverage on shares of Prosperity Bancshares (NYSE:PB) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $85.00 price target on the bank’s stock. Jefferies Financial Group’s target price indicates a potential upside of 21.57% from the stock’s current price.

A number of other equities research analysts also recently issued reports on PB. Keefe, Bruyette & Woods cut their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Raymond James increased their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Morgan Stanley cut their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Hovde Group cut their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Finally, Barclays cut their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $83.80.

Prosperity Bancshares Price Performance

NYSE:PB opened at $69.92 on Wednesday. The firm has a 50-day moving average of $68.91 and a two-hundred day moving average of $74.99. The stock has a market cap of $6.66 billion, a P/E ratio of 13.82, a PEG ratio of 0.94 and a beta of 0.70. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Prosperity Bancshares’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.18 earnings per share. As a group, equities analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $70.91, for a total transaction of $35,455.00. Following the completion of the sale, the director now owns 101,415 shares of the company’s stock, valued at $7,191,337.65. This trade represents a 0.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders sold 6,600 shares of company stock worth $460,409. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently bought and sold shares of the business. Jane Street Group LLC lifted its stake in Prosperity Bancshares by 182.8% during the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after acquiring an additional 67,712 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after acquiring an additional 17,345 shares in the last quarter. Dean Capital Management lifted its stake in Prosperity Bancshares by 2.4% during the 1st quarter. Dean Capital Management now owns 29,778 shares of the bank’s stock valued at $2,125,000 after acquiring an additional 697 shares in the last quarter. United Services Automobile Association bought a new position in Prosperity Bancshares during the 1st quarter valued at $444,000. Finally, Caxton Associates LLP bought a new position in Prosperity Bancshares during the 1st quarter valued at $341,000. Institutional investors and hedge funds 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.