Prosperity Bancshares (NYSE:PB) Lowered to Neutral at DA Davidson

Prosperity Bancshares (NYSE:PB) was downgraded by equities research analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $78.00 price objective on the bank’s stock, down from their previous price objective of $80.00. DA Davidson’s target price would suggest a potential upside of 5.21% from the stock’s previous close.

A number of other research analysts also recently issued reports on PB. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Barclays increased their price objective on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Piper Sandler increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.27.

Prosperity Bancshares Trading Up 1.7 %

Shares of Prosperity Bancshares stock opened at $74.14 on Tuesday. The business has a 50-day moving average price of $71.71 and a two-hundred day moving average price of $66.14. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.91. The company has a market cap of $7.11 billion, a P/E ratio of 17.08, a PEG ratio of 1.49 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The business had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter last year, the firm posted $1.21 earnings per share. Equities research analysts forecast that Prosperity Bancshares will post 5.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC grew its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. Mather Group LLC. purchased a new stake in Prosperity Bancshares during the first quarter worth about $50,000. Finally, Abich Financial Wealth Management LLC raised its position in Prosperity Bancshares by 12,433.3% in the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares during the period. 80.69% of the stock is owned by institutional investors.

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.