Prosperity Bancshares (NYSE:PB) Now Covered by Analysts at Jefferies Financial Group

Equities researchers at Jefferies Financial Group started coverage on shares of Prosperity Bancshares (NYSE:PB) in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm set a “buy” rating and a $85.00 price target on the bank’s stock. Jefferies Financial Group’s price target indicates a potential upside of 18.24% from the company’s previous close.

Other research analysts also recently issued reports about the company. Royal Bank of Canada reduced their target price on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lowered their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Hovde Group cut their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Morgan Stanley reduced their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Raymond James lifted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $83.80.

Prosperity Bancshares Price Performance

PB stock opened at $71.89 on Wednesday. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.94 and a beta of 0.70. The business has a 50 day simple moving average of $68.94 and a two-hundred day simple moving average of $75.05. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same period in the prior year, the firm earned $1.18 EPS. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total transaction of $35,315.00. Following the sale, the director now owns 104,815 shares of the company’s stock, valued at $7,403,083.45. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 5,500 shares of company stock worth $382,420 over the last ninety days. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $68,986,000. T. Rowe Price Investment Management Inc. grew its stake in Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after acquiring an additional 412,283 shares during the period. North Reef Capital Management LP purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth $29,211,000. Nuveen LLC acquired a new stake in shares of Prosperity Bancshares during the first quarter worth $25,491,000. Finally, AQR Capital Management LLC grew its position in shares of Prosperity Bancshares by 56.2% in the first quarter. AQR Capital Management LLC now owns 866,223 shares of the bank’s stock valued at $61,008,000 after purchasing an additional 311,698 shares during the period. 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.