Prosperity Bancshares (NYSE:PB) Downgraded 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 report issued on Wednesday morning.

Several other equities analysts have also issued reports on the stock. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. UBS Group decreased their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $81.38.

Prosperity Bancshares Trading Up 1.3 %

PB opened at $74.73 on Wednesday. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75. The business’s fifty day simple moving average is $79.20 and its 200-day simple moving average is $73.10. The company has a market capitalization of $7.12 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.19 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the prior year, the business earned $1.20 earnings per share. On average, equities research analysts predict that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.10%. Prosperity Bancshares’s payout ratio is presently 49.26%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the sale, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. The trade was a 12.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total value of $37,625.00. Following the transaction, the director now directly owns 109,815 shares of the company’s stock, valued at $8,263,578.75. The trade was a 0.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,100 shares of company stock valued at $1,080,364. 4.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP increased its position in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC raised its position in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new position in Prosperity Bancshares in the second quarter worth approximately $43,000. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the second quarter worth $46,000. Finally, GAMMA Investing LLC raised its position in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after purchasing an additional 227 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

About Prosperity Bancshares

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.