Prosperity Bancshares (NYSE:PB) Rating Lowered to Neutral at DA Davidson

Prosperity Bancshares (NYSE:PB) was downgraded by equities researchers at DA Davidson from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, Marketbeat Ratings reports. They presently have a $78.00 target price on the bank’s stock, down from their previous target price of $80.00. DA Davidson’s target price points to a potential upside of 5.21% from the company’s current price.

Other research analysts also recently issued research reports about the company. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Compass Point boosted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Barclays boosted their price objective on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $75.00 to $86.00 in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.27.

Prosperity Bancshares Stock Up 1.7 %

Shares of NYSE:PB opened at $74.14 on Tuesday. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.91. The company’s 50 day moving average price is $71.71 and its two-hundred day moving average price is $66.14. The firm has a market cap of $7.11 billion, a PE ratio of 17.08, a PEG ratio of 1.49 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results 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. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the prior year, the business posted $1.21 earnings per share. On average, research analysts expect that Prosperity Bancshares will post 5.03 EPS for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in PB. Vanguard Group Inc. lifted its holdings in shares of 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 period. Victory Capital Management Inc. lifted its holdings in Prosperity Bancshares by 3.0% during 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 period. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Prosperity Bancshares by 11.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock worth $59,923,000 after acquiring an additional 89,617 shares during the last quarter. 80.69% of the stock is 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.