Morgan Stanley Raises Prosperity Bancshares (NYSE:PB) Price Target to $91.00

Prosperity Bancshares (NYSE:PB) had its price objective raised by equities researchers at Morgan Stanley from $80.00 to $91.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s target price would indicate a potential upside of 29.94% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Hovde Group lifted their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Finally, Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $78.92.

Prosperity Bancshares Stock Down 1.2%

NYSE:PB opened at $70.03 on Monday. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20. The stock’s fifty day moving average is $71.77 and its two-hundred day moving average is $68.90. The company has a market capitalization of $7.11 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.00 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company’s revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.37 EPS. Sell-side analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Insider Activity at Prosperity Bancshares

In related news, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $70.76, for a total transaction of $56,608.00. Following the completion of the sale, the director directly owned 107,937 shares of the company’s stock, valued at approximately $7,637,622.12. This represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $71.53, for a total value of $42,918.00. Following the completion of the transaction, the director directly owned 42,800 shares in the company, valued at $3,061,484. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,950 shares of company stock worth $998,388. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 1.4% in the fourth 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 in the last quarter. State Street Corp lifted its holdings in Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after buying an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after acquiring an additional 28,994 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Prosperity Bancshares by 34.5% in the 4th quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock valued at $317,955,000 after acquiring an additional 1,179,307 shares during the last quarter. Finally, Morgan Stanley raised 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 valued at $254,316,000 after acquiring an additional 15,192 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

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.