Prosperity Bancshares (NYSE:PB) Rating Lowered to Outperform at Raymond James

Prosperity Bancshares (NYSE:PB) was downgraded by stock analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued on Tuesday, MarketBeat Ratings reports. They currently have a $80.00 price target on the bank’s stock. Raymond James’ target price points to a potential upside of 9.81% from the company’s previous close.

Other equities analysts also recently issued reports about the company. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. DA Davidson upped their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Hovde Group upped their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Piper Sandler upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Royal Bank of Canada increased their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.85 on Tuesday. The business’s 50 day moving average is $70.93 and its two-hundred day moving average is $64.98. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.87. The stock has a market capitalization of $6.99 billion, a P/E ratio of 16.79, a PEG ratio of 1.47 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the previous year, the business earned $1.21 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares will post 5.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently made changes to their positions in the business. Quarry LP boosted its stake in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Prosperity Bancshares by 135.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after acquiring an additional 6,022 shares during the last quarter. Silver Lake Advisory LLC bought a new position in Prosperity Bancshares during the 2nd quarter valued at $611,000. Algert Global LLC boosted its stake in Prosperity Bancshares by 27.7% during the 2nd quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock valued at $2,654,000 after acquiring an additional 9,415 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Prosperity Bancshares by 0.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,001 shares of the bank’s stock valued at $5,075,000 after acquiring an additional 582 shares during the last quarter. 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.