Prosperity Bancshares (NYSE:PB) had its price target reduced by stock analysts at SunTrust Banks from $80.00 to $72.00 in a report issued on Thursday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the bank’s stock. SunTrust Banks’ price target would suggest a potential upside of 29.59% from the company’s previous close.
Several other analysts also recently issued reports on the stock. Wedbush downgraded shares of Prosperity Bancshares from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $67.00 to $72.00 in a report on Tuesday, June 9th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $50.00 to $66.00 in a research report on Thursday, April 30th. ValuEngine lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, May 22nd. Piper Sandler upgraded Prosperity Bancshares from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $62.00 to $68.00 in a report on Wednesday, July 1st. Finally, TheStreet downgraded shares of Prosperity Bancshares from a “b-” rating to a “c+” rating in a research note on Friday, July 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $69.50.
Shares of Prosperity Bancshares stock opened at $55.56 on Thursday. The business has a fifty day simple moving average of $57.73 and a 200-day simple moving average of $60.38. The stock has a market cap of $5.23 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.07 and a beta of 1.47. 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 has a 12 month low of $42.02 and a 12 month high of $75.22.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.28. Prosperity Bancshares had a return on equity of 8.25% and a net margin of 36.72%. The company had revenue of $284.63 million during the quarter, compared to the consensus estimate of $279.04 million. During the same period last year, the business earned $1.18 EPS. Analysts expect that Prosperity Bancshares will post 5.27 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of the business. Comerica Bank raised its holdings in 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 period. UBS Group AG raised its holdings in shares of Prosperity Bancshares by 74.8% during the second quarter. UBS Group AG now owns 12,505 shares of the bank’s stock worth $743,000 after acquiring an additional 5,351 shares during the period. Copeland Capital Management LLC lifted its position in Prosperity Bancshares by 4.8% in the 2nd quarter. Copeland Capital Management LLC now owns 137,138 shares of the bank’s stock valued at $8,143,000 after acquiring an additional 6,264 shares in the last quarter. State of Michigan Retirement System boosted its stake 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 purchasing an additional 7,554 shares during the period. Finally, M&T Bank Corp increased its holdings in Prosperity Bancshares by 16.4% during the 2nd quarter. M&T Bank Corp now owns 11,058 shares of the bank’s stock worth $657,000 after purchasing an additional 1,556 shares in the last quarter. 79.97% of the stock is currently owned by hedge funds and other institutional investors.
Prosperity Bancshares Company Profile
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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