Prosperity Bancshares (NYSE:PB) Raised to Outperform at Raymond James Financial

Prosperity Bancshares (NYSE:PB) was upgraded by Raymond James Financial from a “market perform” rating to an “outperform” rating in a report released on Tuesday, Marketbeat.com reports. The brokerage currently has a $78.00 target price on the bank’s stock. Raymond James Financial’s target price would indicate a potential upside of 18.36% from the company’s previous close.

A number of other research firms have also weighed in on PB. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. TD Cowen decreased their price target on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Monday. Benchmark began coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Citigroup dropped their price objective on shares of Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Tuesday, September 22nd. Finally, Weiss Ratings downgraded shares of Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, September 24th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $78.00.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $65.90 on Tuesday. The stock has a 50 day moving average of $71.44 and a 200 day moving average of $70.45. Prosperity Bancshares has a 12 month low of $61.06 and a 12 month high of $77.20. The firm has a market cap of $6.65 billion, a PE ratio of 11.42, a PEG ratio of 0.73 and a beta of 0.66. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01.

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

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $74.26, for a total transaction of $44,556.00. Following the sale, the director owned 39,500 shares in the company, valued at approximately $2,933,270. This represents a 1.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 10,500 shares of company stock worth $757,621. Insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Gator Capital Management LLC purchased a new stake in shares of Prosperity Bancshares in the fourth quarter worth approximately $2,051,000. Bull Harbor Capital LLC purchased a new position in Prosperity Bancshares during the 1st quarter valued at $1,019,000. First National Bank of Omaha purchased a new position in Prosperity Bancshares during the 4th quarter valued at $6,390,000. Bank of New York Mellon Corp bought a new position in Prosperity Bancshares in the 2nd quarter valued at $57,877,000. Finally, SummitTX Capital L.P. bought a new position in Prosperity Bancshares in the 1st quarter valued at $3,878,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

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

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

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