Prosperity Bancshares (NYSE:PB) Lowered to "Sell" Rating by StockNews.com

Prosperity Bancshares (NYSE:PB - Get Free Report) was downgraded by equities researchers at StockNews.com from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Friday.

Several other research analysts have also recently weighed in on the company. DA Davidson cut Prosperity Bancshares from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a research note on Monday, August 26th. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $75.00 to $86.00 in a report on Monday, August 5th. Barclays lifted their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. Finally, Wedbush reissued an "outperform" rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. One investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.96.

Prosperity Bancshares Stock Down 0.5 %

Shares of PB stock traded down $0.44 during trading hours on Friday, hitting $83.73. 221,016 shares of the company's stock were exchanged, compared to its average volume of 570,264. The firm has a 50 day moving average of $75.73 and a two-hundred day moving average of $69.60. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The firm has a market cap of $7.98 billion, a P/E ratio of 17.78, a P/E/G ratio of 1.25 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the company posted $1.20 earnings per share. On average, equities analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now owns 114,315 shares of the company's stock, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares of the company's stock, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,100 shares of company stock valued at $520,264. Corporate insiders own 4.28% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP boosted its stake in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after buying an additional 416 shares during the period. Quest Partners LLC grew its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Prosperity Bancshares in the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter valued at approximately $46,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.

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