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 research report issued on Tuesday.

A number of other research analysts also recently weighed in on PB. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Piper Sandler upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Hovde Group raised their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $82.95 on Tuesday. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares has a 52-week low of $56.37 and a 52-week high of $85.13. The stock’s 50 day moving average price is $73.40 and its two-hundred day moving average price is $68.08.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE boosted its holdings in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the last quarter. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Tectonic Advisors LLC grew its position in shares of Prosperity Bancshares by 3.0% during the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after acquiring an additional 206 shares during the period. GHP Investment Advisors Inc. increased its stake in shares of Prosperity Bancshares by 1.3% during the 3rd quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock worth $1,295,000 after purchasing an additional 228 shares during the last quarter. Finally, Inspire Investing LLC raised its holdings in shares of Prosperity Bancshares by 6.1% in the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock worth $351,000 after purchasing an additional 328 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.