Prosperity Bancshares (NYSE:PB) Upgraded at Stonex Financia

Prosperity Bancshares (NYSE:PB – Get Free Report) was upgraded by research analysts at Stonex Financia from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

PB has been the topic of several other reports. TD Cowen lifted their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday. Stephens increased their price objective on Prosperity Bancshares from $85.00 to $87.00 and gave the stock an “overweight” rating in a report on Thursday. Cantor Fitzgerald lowered their price objective on Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Morgan Stanley raised their price objective on Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $78.36.

Check Out Our Latest Report on PB

Prosperity Bancshares Price Performance

PB stock opened at $71.98 on Thursday. The firm has a 50-day moving average of $69.52 and a 200 day moving average of $70.35. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.77 and a quick ratio of 0.75. The company has a market cap of $7.26 billion, a P/E ratio of 11.61, a PEG ratio of 0.80 and a beta of 0.66. Prosperity Bancshares has a 1 year low of $63.20 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB – Get Free Report) last posted its earnings results on Wednesday, October 28th. The bank reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.32. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The firm had revenue of $495.70 million for the quarter, compared to the consensus estimate of $491.49 million. During the same quarter in the prior year, the business earned $1.45 EPS. The business’s revenue for the quarter was up 56.0% on a year-over-year basis. On average, sell-side analysts forecast that Prosperity Bancshares will post 6.46 EPS for the current year.

Insider Activity

In other news, Director Ned Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $74.61, for a total value of $44,766.00. Following the sale, the director directly owned 39,400 shares of the company’s stock, valued at $2,939,634. The trade was a 1.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 13,800 shares of company stock worth $973,234 in the last ninety days. 3.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Provenance Wealth Advisors LLC bought a new stake in Prosperity Bancshares in the third quarter worth $25,000. Parkside Financial Bank & Trust grew its stake in shares of Prosperity Bancshares by 52.0% in the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after acquiring an additional 197 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter worth $54,000. MADDEN SECURITIES Corp bought a new position in shares of Prosperity Bancshares during the third quarter valued at $67,000. Finally, Root Financial Partners LLC increased its holdings in shares of Prosperity Bancshares by 310.6% during the first quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock valued at $78,000 after acquiring an additional 879 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Key Stories Impacting Prosperity Bancshares

Here are the key news stories impacting Prosperity Bancshares this week:

  • Positive Sentiment: Strong Q3 results support the growth outlook. Prosperity Bancshares reported quarterly EPS of $1.67, exceeding the $1.35 consensus estimate, while revenue of $495.7 million also topped expectations. Revenue increased 56% year over year, and management highlighted approximately 41% asset growth. The results have raised expectations for margin-driven growth. Prosperity Bancshares Q3 Earnings Lift Hopes For Margin Driven Growth
  • Positive Sentiment: StoneX upgraded PB to Buy. The upgrade indicates that the analyst sees sufficient upside in the bank’s earnings, balance-sheet expansion, or valuation following the quarterly report. Prosperity Bancshares trades higher as StoneX upgrades to Buy
  • Positive Sentiment: Analysts raised their targets. Royal Bank of Canada increased its target from $77 to $79, while Citigroup lifted its target from $77 to $78. Although both firms retained relatively cautious “sector perform” or “neutral” ratings, the higher targets imply additional potential upside from the referenced share price. Royal Bank of Canada recommendations Citigroup recommendations
  • Neutral Sentiment: Piper Sandler lowered its target but maintained a neutral rating. The target moved from $80 to $78, signaling more restrained expectations even though the revised target remains above the referenced trading level. Piper Sandler recommendations
  • Neutral Sentiment: Late-trading European quotation provided little new fundamental information. PB was quoted at EUR 64.75 in late trading, but the item did not identify a new company development or catalyst. Prosperity Bancshares stock quoted at EUR 64.75 in late trading
  • Negative Sentiment: A director sold a combined 1,100 shares. Ned Holmes sold shares worth approximately $77,000 in two transactions. The sales were small relative to his remaining holdings, but insider selling can create a minor overhang for sentiment. SEC insider ownership filing

Prosperity Bancshares Company Profile

(Get Free Report)

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.

See Also

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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