Prosperity Bancshares (NYSE:PB) Downgraded to “C+” at TheStreet

TheStreet cut shares of Prosperity Bancshares (NYSE:PB) from a b- rating to a c+ rating in a report released on Friday, TheStreetRatingsTable reports.

Other analysts also recently issued reports about the stock. ValuEngine downgraded shares of Prosperity Bancshares from a hold rating to a sell rating in a report on Friday, May 22nd. Piper Sandler upgraded shares of Prosperity Bancshares from a neutral rating to an overweight rating and boosted their target price for the stock from $62.00 to $68.00 in a report on Wednesday, July 1st. Compass Point assumed coverage on shares of Prosperity Bancshares in a report on Tuesday, April 14th. They issued a buy rating on the stock. 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 report on Wednesday, April 1st. Finally, Wedbush downgraded shares of Prosperity Bancshares from an outperform rating to a neutral rating and boosted their target price for the stock from $67.00 to $72.00 in a report on Tuesday, June 9th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $71.15.

Shares of NYSE:PB opened at $54.82 on Friday. The company has a market cap of $5.04 billion, a PE ratio of 11.49, a P/E/G ratio of 1.04 and a beta of 1.47. The company’s 50-day moving average price is $61.29 and its 200 day moving average price is $61.80. 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 0.75 and a debt-to-equity ratio of 0.02.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 29th. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.19. Prosperity Bancshares had a net margin of 35.42% and a return on equity of 8.32%. The company had revenue of $290.42 million for the quarter, compared to the consensus estimate of $281.40 million. During the same period in the previous year, the firm earned $1.18 EPS. As a group, equities analysts anticipate that Prosperity Bancshares will post 5.22 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Friday, June 12th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.65%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace North America L.P. acquired a new stake in shares of Prosperity Bancshares in the first quarter worth $35,000. Credit Suisse AG lifted its stake in shares of Prosperity Bancshares by 58.7% in the fourth quarter. Credit Suisse AG now owns 90,732 shares of the bank’s stock worth $6,523,000 after buying an additional 33,545 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth $308,000. Thrivent Financial for Lutherans lifted its stake in shares of Prosperity Bancshares by 37.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 24,667 shares of the bank’s stock worth $1,773,000 after buying an additional 6,738 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth $401,000. Hedge funds and other 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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