StockNews.com Lowers Prosperity Bancshares (NYSE:PB) to Sell

StockNews.com cut shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a sell rating in a research note published on Wednesday morning.

Several other equities research analysts also recently commented on the company. DA Davidson boosted their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the company a buy rating in a report on Thursday, July 25th. Morgan Stanley upgraded shares of Prosperity Bancshares from an equal weight rating to an overweight rating and boosted their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Wedbush upped their price objective on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a neutral rating in a report on Thursday, July 25th. Compass Point boosted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a buy rating in a research report on Friday, July 26th. Finally, Piper Sandler upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an overweight rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $74.81.

Prosperity Bancshares Trading Down 0.4 %

NYSE PB traded down $0.27 on Wednesday, hitting $69.87. 447,425 shares of the company were exchanged, compared to its average volume of 870,774. The company has a market cap of $6.70 billion, a PE ratio of 16.10, a PEG ratio of 1.45 and a beta of 0.91. The stock has a fifty day moving average of $63.98 and a 200-day moving average of $63.28. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.05.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter in the prior year, the firm earned $1.21 EPS. On average, analysts expect that Prosperity Bancshares will post 5.06 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. GAMMA Investing LLC grew its stake in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Quest Partners LLC boosted its position in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares in the last quarter. Mather Group LLC. purchased a new position in shares of Prosperity Bancshares during the first quarter worth about $50,000. Finally, Signaturefd LLC lifted its position in Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after purchasing an additional 470 shares during the last quarter. 80.69% of the stock is currently owned by 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.