Prosperity Bancshares (NYSE:PB) Reaches New 1-Year High - Here's What Happened

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $74.91 and last traded at $74.57, with a volume of 61746 shares trading hands. The stock had previously closed at $72.93.

Analysts Set New Price Targets

PB has been the topic of several research reports. DA Davidson downgraded shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $80.00 to $78.00 in a report on Tuesday. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and cut their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. StockNews.com lowered Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, August 28th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research report on Monday, August 26th. Finally, Stephens raised Prosperity Bancshares from an "equal weight" rating to an "overweight" rating in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.27.

Prosperity Bancshares Stock Up 1.7 %

The stock's 50-day moving average price is $71.71 and its 200-day moving average price is $66.14. The company has a market capitalization of $7.11 billion, a price-to-earnings ratio of 17.11, a price-to-earnings-growth ratio of 1.49 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the previous year, the company posted $1.21 earnings per share. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock valued at $29,000 after buying an additional 177 shares in the last quarter. Quarry LP grew its stake in 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 acquiring an additional 416 shares during the period. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth about $43,000. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $46,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.