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

StockNews.com cut shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a sell rating in a report published on Wednesday morning.

Several other analysts also recently issued reports 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. Compass Point upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Finally, Piper Sandler boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Trading Down 0.2 %

Shares of Prosperity Bancshares stock opened at $81.71 on Wednesday. The stock’s fifty day simple moving average is $74.38 and its 200 day simple moving average is $68.76. The company has a market capitalization of $7.78 billion, a PE ratio of 17.35, a PEG ratio of 1.23 and a beta of 0.89. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $85.13.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter last year, the firm posted $1.20 earnings per share. Analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 47.56%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of PB. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 59.6% during 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 period. Quarry LP boosted its stake in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares during the period. Quest Partners LLC increased its stake in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. Abich Financial Wealth Management LLC raised its holdings in Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after acquiring an additional 746 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $46,000. Institutional investors own 80.69% of the company’s stock.

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.