Wedbush Upgrades Prosperity Bancshares (NYSE:PB) to “Outperform”

Prosperity Bancshares (NYSE:PB) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a report released on Tuesday, Benzinga reports. The firm currently has a $90.00 price target on the bank’s stock, up from their previous price target of $75.00. Wedbush’s price objective suggests a potential upside of 24.40% from the company’s current price.

Several other research analysts have also weighed in on the stock. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Royal Bank of Canada upped their price target 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. Hovde Group lifted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Compass Point upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.04.

Prosperity Bancshares Stock Down 0.3 %

Shares of Prosperity Bancshares stock opened at $72.35 on Tuesday. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.87. The stock has a market cap of $6.94 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. The business has a fifty day simple moving average of $71.45 and a 200-day simple moving average of $65.19.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping 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 period last year, the company posted $1.21 EPS. Analysts expect that Prosperity Bancshares will post 5.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the last quarter. Quarry LP lifted its position in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC boosted its stake in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares during the 2nd quarter valued at approximately $43,000. Finally, Headlands Technologies LLC acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at approximately $46,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.