Prosperity Bancshares (NYSE:PB) Rating Increased to Overweight at Stephens

Prosperity Bancshares (NYSE:PB) was upgraded by Stephens from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday, Benzinga reports.

Several other equities analysts have also recently commented on PB. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Barclays started coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Finally, Truist Financial restated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.86.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $60.25 on Wednesday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88. The firm’s 50 day moving average price is $61.53 and its two-hundred day moving average price is $63.13. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.26 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period in the prior year, the firm earned $1.37 earnings per share. As a group, equities analysts predict that Prosperity Bancshares will post 5.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently modified their holdings of PB. Abich Financial Wealth Management LLC grew its position in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after buying an additional 746 shares during the period. Westwood Holdings Group Inc. boosted its stake in Prosperity Bancshares by 68.2% in the first quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock valued at $442,000 after acquiring an additional 2,726 shares during the last quarter. Interval Partners LP grew its holdings in Prosperity Bancshares by 2.5% during the 1st quarter. Interval Partners LP now owns 118,368 shares of the bank’s stock worth $7,786,000 after acquiring an additional 2,833 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Prosperity Bancshares by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after acquiring an additional 2,706 shares during the last quarter. Finally, BOKF NA lifted its stake in shares of Prosperity Bancshares by 3.8% in the 1st quarter. BOKF NA now owns 20,750 shares of the bank’s stock valued at $1,336,000 after purchasing an additional 750 shares during the period. 80.69% of the stock is currently 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.