StockNews.com Upgrades Prosperity Bancshares (NYSE:PB) to “Hold”

Prosperity Bancshares (NYSE:PB) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

Several other equities research analysts also recently weighed in on the company. Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Barclays lifted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Finally, Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Prosperity Bancshares Trading Up 1.1 %

Shares of NYSE PB opened at $80.35 on Friday. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a market capitalization of $7.65 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 1.11 and a beta of 0.93. The firm has a 50 day moving average of $78.76 and a 200 day moving average of $74.97.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. Sell-side analysts predict that Prosperity Bancshares will post 5.05 EPS for the current year.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % 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 the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,100 shares of company stock worth $1,236,104. 4.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the period. UMB Bank n.a. boosted its stake in shares of Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after buying an additional 300 shares during the period. GAMMA Investing LLC grew its position in shares of Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after buying an additional 534 shares during the period. Finally, Blue Trust Inc. raised its holdings in Prosperity Bancshares by 181.6% in the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after acquiring an additional 554 shares in the last quarter. Institutional investors and hedge funds 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.