Prosperity Bancshares (NYSE:PB) had its target price boosted by equities researchers at Barclays from $72.00 to $79.00 in a note issued to investors on Tuesday. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays’ price target indicates a potential upside of 12.74% from the stock’s current price.
A number of other equities research analysts also recently weighed in on PB. Royal Bank of Canada reaffirmed a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research note on Friday, September 8th. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. SunTrust Banks reaffirmed a “buy” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research note on Monday, October 2nd. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $79.00 price target on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $73.32.
Shares of Prosperity Bancshares (NYSE:PB) traded down $0.86 during trading on Tuesday, reaching $70.07. The company had a trading volume of 314,300 shares, compared to its average volume of 469,959. The stock has a market cap of $4,890.00, a P/E ratio of 17.78, a P/E/G ratio of 1.78 and a beta of 1.37. Prosperity Bancshares has a 1 year low of $55.84 and a 1 year high of $77.87.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. increased its holdings in shares of Prosperity Bancshares by 3.1% during the 3rd quarter. BlackRock Institutional Trust Company N.A. now owns 2,020,346 shares of the bank’s stock valued at $110,897,000 after acquiring an additional 61,520 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Prosperity Bancshares by 60.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock valued at $4,572,000 after acquiring an additional 26,778 shares during the last quarter. Palisade Capital Management LLC NJ increased its holdings in shares of Prosperity Bancshares by 10.6% during the 1st quarter. Palisade Capital Management LLC NJ now owns 236,772 shares of the bank’s stock valued at $10,984,000 after acquiring an additional 22,714 shares during the last quarter. State Street Corp increased its holdings in shares of Prosperity Bancshares by 2.3% during the 1st quarter. State Street Corp now owns 3,077,423 shares of the bank’s stock valued at $142,763,000 after acquiring an additional 70,233 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $17,389,000. 76.80% of the stock is currently owned by institutional investors and hedge funds.
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About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
