Prosperity Bancshares (NYSE: PB – Get a rating) had its target price reduced by research analysts Truist Financial from $78.00 to $77.00 in a note issued to investors on Wednesday, Fly reports. Truist Financial’s target price suggests a potential upside of 14.29% from the stock’s previous close.
Several other analysts have also recently weighed in on the stock. Wolfe Research lowered its price target on Prosperity Bancshares shares from $69.00 to $63.00 and gave the stock an “underperform” rating in a Thursday, May 26 research report. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a Thursday, June 2 research report.
NYSE PB opened at $67.37 on Wednesday. Prosperity Bancshares has a 1-year low of $64.40 and a 1-year high of $80.46. The stock has a market capitalization of $6.21 billion, a PE ratio of 12.23, a P/E/G ratio of 1.20 and a beta of 1.08. The company’s 50-day simple moving average is $68.80 and its two-hundred-day simple moving average is $71.64.
Prosperity Bancshares (NYSE: PB – Get a rating) last reported results on Wednesday, April 27. The bank reported earnings per share (EPS) of $1.33 for the quarter, beating the consensus estimate of $1.29 by $0.04. Prosperity Bancshares had a net margin of 43.64% and a return on equity of 7.95%. The company posted revenue of $275.07 million for the quarter, compared to $273.00 million expected by analysts. During the same period a year earlier, the company posted EPS of $1.44. On average, analysts expect Prosperity Bancshares to post an EPS of 5.66 for the current financial year.
Separately, director Robert H. Steelhammer sold 1,200 shares in a trade on Tuesday, June 7. The shares were sold at an average price of $72.57, for a total transaction of $87,084.00. Following the transaction, the director now owns 135,455 shares of the company, valued at approximately $9,829,969.35. The transaction was disclosed in a legal filing with the SEC, which is available via the SEC website. Also, President SE Timanus, Jr. purchased 2,000 shares of Prosperity Bancshares in a transaction that took place on Thursday, May 12. The shares were acquired at an average cost of $67.00 per share, for a total transaction of $134,000.00. Following the acquisition, the president now owns 2,000 shares of the company, valued at approximately $134,000. Disclosure of this purchase can be found here. 4.22% of the shares are currently held by insiders of the company.
A number of institutional investors have recently changed their positions in the company. Bank of America Corp DE increased its holdings in Prosperity Bancshares by 0.9% in Q1. Bank of America Corp DE now owns 244,373 shares of the bank worth $16,955,000 after acquiring 2,109 additional shares in the last quarter. Walleye Capital LLC increased its holdings in Prosperity Bancshares by 17.5% in Q1. Walleye Capital LLC now owns 85,976 shares of the bank worth $5,965,000 after acquiring 12,830 additional shares in the last quarter. Advisory Services Network LLC increased its holdings in Prosperity Bancshares by 96.2% in Q1. Advisory Services Network LLC now owns 6,474 shares of the bank worth $449,000 after acquiring 3,174 additional shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Prosperity Bancshares by 50.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 38,236 shares in the bank worth $2,653,000 after acquiring an additional 12,833 shares in the last quarter. Finally, Walleye Trading LLC purchased a new equity stake from Prosperity Bancshares during Q1 worth approximately $227,000. 80.30% of the shares are currently held by institutional investors and hedge funds.
About Prosperity Bancshares (Get a rating)
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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