Morgan Stanley Has Lowered Expectations for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price objective cut by stock analysts at Morgan Stanley from $102.00 to $94.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective would indicate a potential upside of 32.46% from the stock’s previous close.

Several other analysts also recently issued reports on PB. Stephens raised their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a research note on Tuesday, January 7th. UBS Group decreased their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Raymond James lifted their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Prosperity Bancshares Trading Up 2.4 %

PB opened at $70.97 on Thursday. The firm has a market cap of $6.76 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.94 and a beta of 0.94. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.76. The stock has a 50-day moving average of $76.87 and a 200 day moving average of $76.25.

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 the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, research analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $76.04, for a total value of $38,020.00. Following the transaction, the director now directly owns 110,315 shares of the company’s stock, valued at approximately $8,388,352.60. The trade was a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 5,500 shares of company stock valued at $421,905 over the last ninety days. 4.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Prosperity Bancshares by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock valued at $736,923,000 after buying an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Prosperity Bancshares by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank’s stock valued at $345,575,000 after buying an additional 48,304 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Prosperity Bancshares by 1.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock valued at $176,473,000 after buying an additional 32,917 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after buying an additional 15,309 shares during the last quarter. Finally, Snyder Capital Management L P grew its holdings in shares of Prosperity Bancshares by 7.3% during the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock valued at $92,001,000 after buying an additional 83,488 shares during the last quarter. 80.69% of the stock is 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.