Truist Financial Downgrades Prosperity Bancshares (NYSE:PB) to Hold

Prosperity Bancshares (NYSE:PB) was downgraded by Truist Financial from a “buy” rating to a “hold” rating in a research report issued on Friday, Marketbeat.com reports. They currently have a $79.00 price objective on the bank’s stock, down from their prior price objective of $81.00. Truist Financial’s price target indicates a potential upside of 8.82% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Wedbush increased their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. DA Davidson lifted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.88.

Prosperity Bancshares Trading Down 2.2 %

NYSE:PB opened at $72.60 on Friday. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $74.87. The firm’s 50 day moving average is $71.31 and its 200 day moving average is $65.12. The stock has a market capitalization of $6.92 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the company posted $1.21 earnings per share. Research analysts predict that Prosperity Bancshares will post 5.07 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Prosperity Bancshares by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after purchasing an additional 53,844 shares during the last quarter. Victory Capital Management Inc. lifted its position in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the last quarter. 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. Norges Bank bought a new position in Prosperity Bancshares during the fourth quarter valued at approximately $64,749,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after acquiring an additional 19,224 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other 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.