Prosperity Bancshares’ (PB) Overweight Rating Reaffirmed at Cantor Fitzgerald

Prosperity Bancshares (NYSE:PB)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a note issued to investors on Tuesday,Benzinga reports. They presently have a $80.00 price objective on the bank’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 11.73% from the stock’s current price.

Several other research analysts also recently weighed in on PB. Piper Sandler upped their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Citigroup increased their target price on Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Weiss Ratings downgraded Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Finally, TD Cowen raised their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $76.55.

Prosperity Bancshares Trading Up 0.6%

Shares of NYSE:PB opened at $71.60 on Tuesday. The business’s 50 day moving average price is $69.37 and its 200-day moving average price is $69.91. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20. The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 1.09 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The company had revenue of $367.62 million during the quarter, compared to analysts’ expectations of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.37 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares will post 6.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $66.24, for a total transaction of $39,744.00. Following the transaction, the director directly owned 41,300 shares in the company, valued at $2,735,712. The trade was a 1.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 14,300 shares of company stock valued at $986,524. Company insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Community Bank N.A. purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth $29,000. Danske Bank A S acquired a new stake in Prosperity Bancshares during the third quarter worth about $40,000. SouthState Bank Corp acquired a new stake in Prosperity Bancshares during the fourth quarter worth about $49,000. Osaic Holdings Inc. raised its stake in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Prosperity Bancshares during the fourth quarter worth about $55,000. Institutional investors and hedge funds 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.