Prosperity Bancshares (NYSE:PB) Stock Price Expected to Rise, Barclays Analyst Says

Prosperity Bancshares (NYSE:PB - Get Free Report) had its price target increased by equities researchers at Barclays from $84.00 to $88.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the bank's stock. Barclays's price objective suggests a potential upside of 17.41% from the company's current price.

A number of other analysts also recently commented on the company. Royal Bank of Canada reiterated a "sector perform" rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Hovde Group lifted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a report on Monday, August 26th. Finally, StockNews.com lowered Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Friday, November 29th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $82.05.

Prosperity Bancshares Stock Up 1.1 %

Shares of PB stock traded up $0.84 during trading hours on Friday, reaching $74.95. 1,313,926 shares of the company's stock were exchanged, compared to its average volume of 564,852. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The stock has a market capitalization of $7.14 billion, a P/E ratio of 15.91, a P/E/G ratio of 1.19 and a beta of 0.92. The business has a fifty day moving average price of $78.64 and a 200-day moving average price of $71.45.

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

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company's stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harrison Stafford II sold 4,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the sale, the director now directly owns 107,137 shares of the company's stock, valued at approximately $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,100 shares of company stock valued at $1,004,719 over the last three months. Company insiders own 4.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Amica Mutual Insurance Co. raised its stake in Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank's stock valued at $9,646,000 after acquiring an additional 46,593 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $4,804,000. Prospector Partners LLC grew its stake in shares of Prosperity Bancshares by 24.6% in the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank's stock valued at $16,503,000 after acquiring an additional 45,177 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after acquiring an additional 112,101 shares during the period. Finally, US Bancorp DE boosted its holdings in Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank's stock valued at $340,000 after purchasing an additional 153 shares during the period. 80.69% of the stock is currently owned by institutional investors.

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.