Barclays Forecasts Strong Price Appreciation for Prosperity Bancshares (NYSE:PB) Stock

Prosperity Bancshares (NYSE:PB) had its target price upped by research analysts at Barclays from $84.00 to $88.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 17.41% from the stock’s previous close.

Other analysts have also issued reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $82.05.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $74.95 on Friday. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The company has a market capitalization of $7.14 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business has a fifty day moving average price of $78.69 and a two-hundred day moving average price of $71.62.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter in the previous year, the firm posted $1.20 EPS. Sell-side analysts anticipate that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Insider Transactions at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now directly owns 7,525 shares of the company’s stock, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,100 shares of company stock valued at $1,004,719 over the last quarter. 4.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Quarry LP increased its stake 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 purchasing an additional 416 shares during the period. Quest Partners LLC grew its stake in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $43,000. Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $46,000. Finally, GAMMA Investing LLC grew its stake in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares in the last quarter. 80.69% of the stock is currently 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.