Prosperity Bancshares (NYSE:PB) Rating Lowered to Sell at StockNews.com

Prosperity Bancshares (NYSE:PB) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.

A number of other research firms also recently issued reports on PB. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Barclays increased their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Stock Performance

NYSE:PB traded down $0.44 during trading hours on Friday, hitting $83.73. The company’s stock had a trading volume of 221,016 shares, compared to its average volume of 570,264. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75. The business’s 50-day moving average is $75.73 and its two-hundred day moving average is $69.60. The company has a market capitalization of $7.98 billion, a PE ratio of 17.78, a PEG ratio of 1.25 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter last year, the firm posted $1.20 EPS. As a group, analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,100 shares of company stock worth $520,264. 4.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PB. M&T Bank Corp raised its holdings in Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after buying an additional 149 shares during the period. US Bancorp DE lifted its holdings in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares in the last quarter. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the period. Tectonic Advisors LLC increased its holdings in Prosperity Bancshares by 3.0% in the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after purchasing an additional 206 shares in the last quarter. Finally, Tidal Investments LLC raised its position in Prosperity Bancshares by 5.7% in the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after purchasing an additional 209 shares during the period. 80.69% of the stock is 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.