Prosperity Bancshares (NYSE:PB) Price Target Cut to $64.00

Prosperity Bancshares (NYSE:PB) had its price objective dropped by research analysts at Piper Sandler from $68.00 to $64.00 in a research report issued to clients and investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 15.19% from the stock’s current price.

A number of other research firms have also recently weighed in on PB. Royal Bank of Canada raised their price objective on shares of Prosperity Bancshares from $62.00 to $63.00 and gave the stock a “sector perform” rating in a report on Thursday. SunTrust Banks lowered their target price on shares of Prosperity Bancshares from $80.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $76.00 target price on the stock in a research report on Wednesday, April 1st. Morgan Stanley raised their target price on shares of Prosperity Bancshares from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Finally, Raymond James raised their target price on shares of Prosperity Bancshares from $58.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $69.50.

Shares of NYSE:PB opened at $55.56 on Thursday. The firm’s 50 day moving average price is $57.73 and its 200 day moving average price is $60.38. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 1.07 and a beta of 1.47. Prosperity Bancshares has a fifty-two week low of $42.02 and a fifty-two week high of $75.22. The company has a quick ratio of 0.75, a current ratio of 0.79 and a debt-to-equity ratio of 0.02.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.25. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. The firm had revenue of $284.63 million for the quarter, compared to analysts’ expectations of $279.04 million. During the same quarter last year, the company earned $1.18 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares will post 5.27 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Comerica Bank raised its stake in shares of Prosperity Bancshares by 5.8% during the 2nd quarter. Comerica Bank now owns 178,369 shares of the bank’s stock worth $9,978,000 after buying an additional 9,824 shares during the last quarter. UBS Group AG grew its holdings in shares of Prosperity Bancshares by 74.8% during the 2nd quarter. UBS Group AG now owns 12,505 shares of the bank’s stock worth $743,000 after purchasing an additional 5,351 shares during the period. Copeland Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 4.8% during the 2nd quarter. Copeland Capital Management LLC now owns 137,138 shares of the bank’s stock worth $8,143,000 after purchasing an additional 6,264 shares during the period. State of Michigan Retirement System boosted its holdings in Prosperity Bancshares by 28.8% in the 2nd quarter. State of Michigan Retirement System now owns 33,754 shares of the bank’s stock worth $2,004,000 after acquiring an additional 7,554 shares during the period. Finally, M&T Bank Corp boosted its holdings in Prosperity Bancshares by 16.4% in the 2nd quarter. M&T Bank Corp now owns 11,058 shares of the bank’s stock worth $657,000 after acquiring an additional 1,556 shares during the period. Institutional investors own 79.97% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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