Prosperity Bancshares (NYSE:PB) Rating Lowered to “Sell” at StockNews.com

Prosperity Bancshares (NYSE:PB) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

A number of other analysts also recently weighed in on the company. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Raymond James cut 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. Barclays lifted their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, UBS Group decreased their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $81.38.

Prosperity Bancshares Stock Down 1.4 %

Shares of PB opened at $73.73 on Wednesday. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75. The stock has a market cap of $7.02 billion, a PE ratio of 15.65, a P/E/G ratio of 1.19 and a beta of 0.93. The business’s 50-day moving average price is $79.20 and its 200-day moving average price is $73.10.

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

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the 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 transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total value of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares in the company, valued at $8,263,578.75. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,100 shares of company stock worth $1,080,364 over the last quarter. 4.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC bought a new position in shares of Prosperity Bancshares during the third quarter worth $4,804,000. Prospector Partners LLC boosted its holdings in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after purchasing an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Prosperity Bancshares in the third quarter worth about $372,000. Finally, US Bancorp DE lifted its position in shares of Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares in the last quarter. 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.