Citigroup Lowers Prosperity Bancshares (NYSE:PB) Price Target to $77.00

Prosperity Bancshares (NYSE:PB) had its price target decreased by equities research analysts at Citigroup from $79.00 to $77.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Citigroup’s price objective indicates a potential upside of 9.95% from the stock’s current price.

Several other analysts also recently weighed in on PB. Piper Sandler upped their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Royal Bank Of Canada lifted their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Benchmark initiated coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Finally, Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $78.18.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.03 on Tuesday. Prosperity Bancshares has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a market cap of $7.06 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 0.76 and a beta of 0.63. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The company’s fifty day moving average price is $72.89 and its 200-day moving average price is $70.38.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. During the same period last year, the business earned $1.42 EPS. Prosperity Bancshares’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, equities analysts expect that Prosperity Bancshares will post 6.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $72.72, for a total value of $43,632.00. Following the completion of the sale, the director owned 40,000 shares in the company, valued at $2,908,800. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 12,100 shares of company stock worth $880,912 in the last quarter. 3.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. BlackRock Inc. purchased a new stake in shares of Prosperity Bancshares in the second quarter worth $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Prosperity Bancshares during the second quarter valued at about $350,099,000. Dimensional Fund Advisors LP lifted its position in shares of Prosperity Bancshares by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after acquiring an additional 205,291 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Prosperity Bancshares by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank’s stock worth $129,710,000 after acquiring an additional 7,602 shares during the period. Finally, North Reef Capital Management LP raised its stake in Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after purchasing an additional 662,877 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.