Prosperity Bancshares (NYSE:PB) Upgraded to "Hold" at StockNews.com

Prosperity Bancshares (NYSE:PB - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "sell" rating to a "hold" rating in a research note issued to investors on Tuesday.

PB has been the topic of a number of other research reports. UBS Group dropped their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a research report on Thursday, December 26th. DA Davidson downgraded Prosperity Bancshares from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Barclays increased their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Friday, December 20th. Raymond James lowered shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of "Moderate Buy" and an average target price of $81.50.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded up $0.21 during midday trading on Tuesday, reaching $75.35. The company had a trading volume of 359,612 shares, compared to its average volume of 558,010. The stock has a fifty day moving average price of $79.06 and a 200 day moving average price of $72.54. 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 $7.18 billion, a PE ratio of 16.00, a P/E/G ratio of 1.19 and a beta of 0.92.

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

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of the company's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the transaction, the director now directly owns 107,137 shares in the company, valued at $8,578,459.59. This represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $76.04, for a total value of $38,020.00. Following the sale, the director now owns 110,315 shares of the company's stock, valued at approximately $8,388,352.60. This trade represents a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,600 shares of company stock worth $1,042,739 in the last quarter. 4.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock worth $262,141,000 after buying an additional 532,241 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at $16,478,000. Victory Capital Management Inc. grew its holdings in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank's stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC raised its position in Prosperity Bancshares by 418.0% in the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank's stock worth $8,039,000 after purchasing an additional 90,015 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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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