Prosperity Bancshares (NYSE:PB) Stock Price Expected to Rise, Raymond James Analyst Says

Prosperity Bancshares (NYSE:PB) had its target price increased by equities research analysts at Raymond James from $82.00 to $87.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Raymond James’ target price would indicate a potential upside of 8.80% from the company’s previous close.

PB has been the subject of a number of other reports. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays upped their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 7th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. Finally, UBS Group dropped their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Prosperity Bancshares Price Performance

PB opened at $79.96 on Thursday. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The business’s 50-day moving average price is $78.68 and its two-hundred day moving average price is $75.07. The company has a market capitalization of $7.62 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 1.12 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.68%. Sell-side analysts anticipate that Prosperity Bancshares will post 5.78 earnings per share for the current fiscal year.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $79.92, for a total value of $39,960.00. Following the transaction, the director now owns 107,815 shares of the company’s stock, valued at $8,616,574.80. The trade was a 0.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,100 shares of company stock worth $1,236,104 in the last quarter. 4.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its position in Prosperity Bancshares by 7.2% during the second quarter. Envestnet Asset Management Inc. now owns 47,395 shares of the bank’s stock worth $2,898,000 after buying an additional 3,175 shares in the last quarter. Bank of Montreal Can increased its position in shares of Prosperity Bancshares by 3.4% in the second quarter. Bank of Montreal Can now owns 15,425 shares of the bank’s stock worth $946,000 after purchasing an additional 506 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Prosperity Bancshares by 0.7% during the second quarter. The Manufacturers Life Insurance Company now owns 83,001 shares of the bank’s stock valued at $5,075,000 after purchasing an additional 582 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Prosperity Bancshares by 135.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock worth $641,000 after buying an additional 6,022 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. 80.69% 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 financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.