Prosperity Bancshares (NYSE:PB) Stock Rating Lowered by DA Davidson

DA Davidson lowered shares of Prosperity Bancshares (NYSE:PB - Free Report) from a buy rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. They currently have $78.00 price target on the bank's stock, down from their previous price target of $80.00.

Other research analysts have also recently issued reports about the company. Raymond James cut Prosperity Bancshares from a strong-buy rating to an outperform rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. Morgan Stanley raised shares of Prosperity Bancshares from an equal weight rating to an overweight rating and raised their price target for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Hovde Group lifted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an outperform rating in a research report on Monday, August 26th. Compass Point raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a buy rating in a research note on Friday, July 26th. Finally, Wedbush raised Prosperity Bancshares from a neutral rating to an outperform rating and boosted their price target for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of Moderate Buy and an average price target of $77.27.

Prosperity Bancshares Stock Up 0.0 %

NYSE PB traded up $0.01 on Tuesday, reaching $72.93. The company had a trading volume of 725,213 shares, compared to its average volume of 565,080. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.87. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.49 and a beta of 0.89. The stock's 50 day moving average is $71.66 and its 200-day moving average is $66.09.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analysts' expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the previous year, the company earned $1.21 earnings per share. As a group, analysts forecast that Prosperity Bancshares will post 5.03 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, September 13th. Prosperity Bancshares's dividend payout ratio is currently 51.61%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the company. NBC Securities Inc. grew its position in Prosperity Bancshares by 36.1% in the third quarter. NBC Securities Inc. now owns 6,004 shares of the bank's stock valued at $432,000 after acquiring an additional 1,594 shares during the last quarter. Creative Planning increased its position in Prosperity Bancshares by 17.2% during the 3rd quarter. Creative Planning now owns 3,909 shares of the bank's stock worth $282,000 after purchasing an additional 574 shares in the last quarter. CWM LLC increased its position in Prosperity Bancshares by 29.3% during the 3rd quarter. CWM LLC now owns 7,803 shares of the bank's stock worth $562,000 after purchasing an additional 1,766 shares in the last quarter. Helen Stephens Group LLC bought a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $2,234,000. Finally, New England Research & Management Inc. acquired a new stake in Prosperity Bancshares in the third quarter valued at approximately $366,000. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Company Profile

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.