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

Prosperity Bancshares (NYSE:PB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

PB has been the subject of several other reports. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. Barclays cut their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Morgan Stanley cut their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Stephens lifted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.35.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded down $3.35 on Thursday, reaching $64.05. The stock had a trading volume of 764,709 shares, compared to its average volume of 558,177. The business’s 50-day moving average price is $73.04 and its two-hundred day moving average price is $75.67. The stock has a market cap of $6.10 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. As a group, equities analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total transaction of $31,810.00. Following the sale, the director now directly owns 102,815 shares of the company’s stock, valued at $6,541,090.30. This represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 5,500 shares of company stock worth $408,695 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in PB. Kwmg LLC raised its stake in shares of Prosperity Bancshares by 0.6% during the first quarter. Kwmg LLC now owns 88,174 shares of the bank’s stock worth $6,293,000 after buying an additional 543 shares during the last quarter. NBC Securities Inc. grew its holdings in Prosperity Bancshares by 113,516.7% during the 1st quarter. NBC Securities Inc. now owns 6,817 shares of the bank’s stock worth $486,000 after acquiring an additional 6,811 shares during the period. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 8,212.4% during the 1st quarter. GAMMA Investing LLC now owns 70,157 shares of the bank’s stock valued at $5,007,000 after acquiring an additional 69,313 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Prosperity Bancshares by 9.2% in the 1st quarter. Versant Capital Management Inc now owns 11,354 shares of the bank’s stock valued at $810,000 after purchasing an additional 956 shares during the period. Finally, First Hawaiian Bank grew its stake in shares of Prosperity Bancshares by 10.6% during the first quarter. First Hawaiian Bank now owns 5,102 shares of the bank’s stock worth $364,000 after purchasing an additional 490 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.