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

StockNews.com downgraded shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a sell rating in a research note released on Wednesday.

PB has been the subject of a number of other research reports. Barclays raised their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research note on Tuesday, September 17th. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Hovde Group lifted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Stock Down 0.2 %

Shares of NYSE PB opened at $81.71 on Wednesday. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $85.13. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 1.23 and a beta of 0.89. The stock’s fifty day simple moving average is $74.38 and its 200 day simple moving average is $68.76.

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

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.84%. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares of the company’s stock, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.28% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the last quarter. Quarry LP raised its position in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC boosted its position in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC grew its stake in shares of Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after purchasing an additional 746 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $46,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.