Prosperity Bancshares (NYSE:PB) Downgraded by Truist Financial to “Hold”

Prosperity Bancshares (NYSE:PB) was downgraded by research analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Briefing.com reports. They currently have a $79.00 target price on the bank’s stock, down from their prior target price of $81.00. Truist Financial’s price target indicates a potential upside of 6.37% from the stock’s current price.

Other research analysts have also issued reports about the stock. DA Davidson upped their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Royal Bank of Canada boosted their target price on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Finally, Wedbush lifted their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus target price of $75.88.

Prosperity Bancshares Stock Up 1.8 %

NYSE:PB opened at $74.27 on Friday. The stock has a market cap of $7.13 billion, a P/E ratio of 17.11, a PEG ratio of 1.47 and a beta of 0.90. The business’s 50-day moving average price is $71.14 and its two-hundred day moving average price is $65.05. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $74.87.

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

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds have recently modified their holdings of PB. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. Quadrant Capital Group LLC increased its position in Prosperity Bancshares by 31.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock valued at $76,000 after purchasing an additional 270 shares during the period. New York State Teachers Retirement System raised its holdings in Prosperity Bancshares by 0.3% in the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after purchasing an additional 300 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after purchasing an additional 319 shares during the period. Finally, Inspire Investing LLC boosted its stake in shares of Prosperity Bancshares by 6.1% during the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock valued at $351,000 after purchasing an additional 328 shares in the last quarter. Hedge funds and other institutional investors 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.