Barclays Cuts Prosperity Bancshares (NYSE:PB) Price Target to $86.00

Prosperity Bancshares (NYSE:PB) had its target price cut by analysts at Barclays from $88.00 to $86.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s target price points to a potential upside of 35.82% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. Stephens lifted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. UBS Group cut their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Morgan Stanley lowered their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Raymond James boosted their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $83.35.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB traded down $0.67 on Tuesday, hitting $63.32. The company’s stock had a trading volume of 337,902 shares, compared to its average volume of 554,026. The company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.76. The stock’s 50-day moving average is $74.49 and its two-hundred day moving average is $75.97.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Equities analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total transaction of $37,060.00. Following the completion of the sale, the director now directly owns 109,315 shares in the company, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 5,500 shares of company stock valued at $413,945 over the last quarter. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in shares of Prosperity Bancshares during the third quarter worth $372,000. Jane Street Group LLC raised its stake in shares of Prosperity Bancshares by 418.0% during the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after purchasing an additional 90,015 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Prosperity Bancshares by 4.3% during the 3rd quarter. Stifel Financial Corp now owns 113,293 shares of the bank’s stock valued at $8,165,000 after buying an additional 4,677 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Prosperity Bancshares by 3.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock valued at $21,128,000 after buying an additional 10,589 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its holdings in Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank’s stock worth $549,000 after buying an additional 2,263 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.