Prosperity Bancshares (NYSE:PB) Earns “Outperform” Rating from Raymond James Financial

Prosperity Bancshares (NYSE:PB)‘s stock had its “outperform” rating reiterated by investment analysts at Raymond James Financial in a research note issued to investors on Thursday,Benzinga reports. They presently have a $77.00 price objective on the bank’s stock, up from their previous price objective of $75.00. Raymond James Financial’s price target indicates a potential upside of 16.79% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler lowered their price target on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday. Cantor Fitzgerald assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price objective for the company. Stephens boosted their price objective on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada reduced their price objective on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.50.

Prosperity Bancshares Stock Performance

Shares of PB opened at $65.93 on Thursday. The company has a 50 day moving average price of $66.05 and a 200-day moving average price of $68.30. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $86.75. The stock has a market capitalization of $6.26 billion, a PE ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. During the same quarter in the prior year, the company earned $1.34 EPS. The company’s revenue was up 3.9% compared to the same quarter last year. Equities research analysts forecast that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $65.20, for a total transaction of $32,600.00. Following the sale, the director directly owned 89,915 shares of the company’s stock, valued at approximately $5,862,458. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 14,300 shares of company stock worth $950,496 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of hedge funds have recently added to or reduced their stakes in PB. Mather Group LLC. purchased a new position in Prosperity Bancshares during the third quarter valued at $26,000. Steph & Co. purchased a new position in Prosperity Bancshares during the second quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares during the first quarter valued at $48,000. Employees Retirement System of Texas purchased a new position in Prosperity Bancshares during the second quarter valued at $48,000. Finally, Osaic Holdings Inc. lifted its holdings in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.