Prosperity Bancshares (NYSE:PB) Price Target Cut to $80.00 by Analysts at Hovde Group

Prosperity Bancshares (NYSE:PBGet Free Report) had its price objective reduced by analysts at Hovde Group from $90.00 to $80.00 in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the bank’s stock. Hovde Group’s target price indicates a potential upside of 19.30% from the stock’s previous close.

Other analysts also recently issued reports about the company. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a report on Tuesday, January 7th. Raymond James raised their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Morgan Stanley decreased their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Royal Bank of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday. Finally, StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $83.23.

View Our Latest Research Report on Prosperity Bancshares

Prosperity Bancshares Price Performance

PB opened at $67.06 on Friday. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.76. The business has a 50-day moving average of $70.21 and a two-hundred day moving average of $75.32. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PBGet Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Equities research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $79.92, for a total transaction of $39,960.00. Following the completion of the sale, the director now owns 107,815 shares of the company’s stock, valued at approximately $8,616,574.80. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 5,500 shares of company stock valued at $396,700. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PB. Norges Bank acquired a new stake in Prosperity Bancshares during the fourth quarter valued at approximately $68,986,000. North Reef Capital Management LP bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $29,211,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Prosperity Bancshares by 25.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank’s stock valued at $79,404,000 after acquiring an additional 223,355 shares during the last quarter. Northern Trust Corp raised its position in shares of Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock valued at $70,611,000 after acquiring an additional 190,449 shares in the last quarter. Finally, ExodusPoint Capital Management LP lifted its stake in Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after purchasing an additional 139,585 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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