Morgan Stanley Forecasts Strong Price Appreciation for Prosperity Bancshares (NYSE:PB) Stock

Prosperity Bancshares (NYSE:PB) had its price target boosted by analysts at Morgan Stanley from $80.00 to $91.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price target suggests a potential upside of 28.18% from the company’s previous close.

Other analysts have also issued research reports about the company. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Raymond James Financial downgraded Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Hovde Group boosted their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Janney Montgomery Scott lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Finally, Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $78.54.

Prosperity Bancshares Trading Up 0.9%

NYSE PB traded up $0.63 during trading hours on Monday, reaching $71.00. The company had a trading volume of 225,251 shares, compared to its average volume of 1,260,678. The stock has a market capitalization of $6.74 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 0.99 and a beta of 0.66. The stock has a 50-day moving average of $71.80 and a 200 day moving average of $68.86. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $77.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. During the same period last year, the business earned $1.37 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $42,048.00. Following the sale, the director owned 42,900 shares in the company, valued at approximately $3,006,432. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harrison Stafford II sold 800 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the completion of the sale, the director directly owned 107,937 shares of the company’s stock, valued at $7,637,622.12. The trade was a 0.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 15,050 shares of company stock valued at $1,075,486 in the last ninety days. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PB. Mather Group LLC. purchased a new stake in Prosperity Bancshares in the 3rd quarter valued at $26,000. Community Bank N.A. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth about $29,000. Danske Bank A S acquired a new position in Prosperity Bancshares in the 3rd quarter valued at about $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $42,000. Finally, Employees Retirement System of Texas acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.