Prosperity Bancshares (NYSE:PB) Price Target Increased to $75.00 by Analysts at Barclays

Prosperity Bancshares (NYSE:PB) had its price target raised by equities research analysts at Barclays from $70.00 to $75.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective points to a potential upside of 5.03% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research note on Tuesday, September 17th. Royal Bank of Canada upped their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Hovde Group lifted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Finally, Wedbush upgraded shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $75.00 to $90.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Stock Performance

NYSE PB remained flat at $71.41 on Friday. The company’s stock had a trading volume of 24,950 shares, compared to its average volume of 572,234. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90. The firm has a fifty day moving average price of $71.62 and a 200-day moving average price of $65.33. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.87.

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 the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The firm had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same period in the prior year, the firm earned $1.21 EPS. As a group, equities analysts expect that Prosperity Bancshares will post 5.06 EPS for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Prosperity Bancshares by 59.6% during the second 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 increased its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC grew its holdings in Prosperity Bancshares by 3,147.1% during the second 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 last quarter. Parallel Advisors LLC grew its holdings in Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after purchasing an additional 652 shares during the last quarter. Finally, Mather Group LLC. bought a new stake in shares of Prosperity Bancshares in the first quarter valued at approximately $50,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

About Prosperity Bancshares

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.