Prosperity Bancshares (NYSE:PB) Reaches New 1-Year High – Time to Buy?

Prosperity Bancshares, Inc. (NYSE:PB) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $74.91 and last traded at $74.57, with a volume of 61746 shares trading hands. The stock had previously closed at $72.93.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Barclays upped their price objective on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $77.27.

Prosperity Bancshares Stock Up 2.0 %

The company’s fifty day moving average price is $71.66 and its two-hundred day moving average price is $66.09. The company has a market cap of $7.14 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 1.49 and a beta of 0.89.

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

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hunter Perkins Capital Management LLC boosted its position in Prosperity Bancshares by 2.8% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 159,220 shares of the bank’s stock valued at $11,530,000 after buying an additional 4,265 shares during the last quarter. NBC Securities Inc. boosted its holdings in Prosperity Bancshares by 36.1% in the third quarter. NBC Securities Inc. now owns 6,004 shares of the bank’s stock valued at $432,000 after acquiring an additional 1,594 shares during the last quarter. Creative Planning increased its position in Prosperity Bancshares by 17.2% in the third quarter. Creative Planning now owns 3,909 shares of the bank’s stock worth $282,000 after purchasing an additional 574 shares during the period. CWM LLC raised its holdings in Prosperity Bancshares by 29.3% during the 3rd quarter. CWM LLC now owns 7,803 shares of the bank’s stock worth $562,000 after purchasing an additional 1,766 shares during the last quarter. Finally, Helen Stephens Group LLC acquired a new position in Prosperity Bancshares during the 3rd quarter valued at about $2,234,000. Institutional investors and hedge funds 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.