Prosperity Bancshares Sets New 52-Week Low After Analyst Downgrade (PB)
Prosperity Bancshares (NYSE:PB)’s share price reached a new 52-week low during mid-day trading on Wednesday after Keefe, Bruyette & Woods lowered their price target on the stock from $68.00 to $62.00, Analyst RN reports. The company traded as low as $55.99 and last traded at $57.29, with a volume of 106,245 shares trading hands. The stock had previously closed at $56.40.
Other equities research analysts have also recently issued reports about the stock. Analysts at Maxim Group reiterated a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, July 28th. They now have a $64.50 price target on the stock, down previously from $66.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Prosperity Bancshares in a research note on Wednesday, June 25th. They now have a $64.00 price target on the stock. Finally, analysts at Sterne Agee upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 11th. They now have a $71.00 price target on the stock, up previously from $67.00. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $67.28.
The stock has a 50-day moving average of $61.06 and a 200-day moving average of $61.6. The company has a market cap of $3.993 billion and a price-to-earnings ratio of 14.12.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Friday, July 25th. The company reported $1.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.03 by $0.05. During the same quarter last year, the company posted $0.89 earnings per share. On average, analysts predict that Prosperity Bancshares will post $4.22 earnings per share for the current fiscal year.
Prosperity Bancshares, Inc, incorporated on December 22, 1983, is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (NYSE:PB).
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