Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

Prosperity Bancshares (NYSE:PB) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

Other equities analysts have also issued research reports about the company. UBS Group decreased their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Raymond James increased their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. Stephens increased their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Barclays increased their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus target price of $82.88.

Prosperity Bancshares Stock Down 1.1 %

Shares of Prosperity Bancshares stock traded down $0.79 on Tuesday, reaching $70.76. The company’s stock had a trading volume of 859,254 shares, compared to its average volume of 522,155. The company has a market capitalization of $6.74 billion, a P/E ratio of 13.98, a PEG ratio of 0.94 and a beta of 0.94. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.76. The stock has a 50-day moving average price of $77.17 and a 200-day moving average price of $76.36.

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

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total transaction of $39,240.00. Following the transaction, the director now owns 110,815 shares in the company, valued at $8,696,761.20. This trade represents a 0.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harrison Stafford II sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the transaction, the director now owns 107,137 shares in the company, valued at $8,578,459.59. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,500 shares of company stock worth $747,955 in the last quarter. 4.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after buying an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Prosperity Bancshares by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank’s stock worth $345,575,000 after acquiring an additional 48,304 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock worth $176,473,000 after acquiring an additional 32,917 shares during the period. Geode Capital Management LLC lifted its position in Prosperity Bancshares by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after acquiring an additional 15,309 shares during the period. Finally, Snyder Capital Management L P lifted its position in Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock worth $92,001,000 after acquiring an additional 83,488 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.