Hovde Group Issues Pessimistic Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price target cut by equities researchers at Hovde Group from $83.00 to $80.00 in a report issued on Thursday. The firm presently has an “outperform” rating on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 22.83% from the company’s current price.

PB has been the topic of a number of other reports. Raymond James Financial set a $75.00 price target on Prosperity Bancshares in a research note on Tuesday, October 7th. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target on the stock. TD Cowen started coverage on Prosperity Bancshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $79.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada lowered their target price on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $81.50.

Prosperity Bancshares Price Performance

PB stock opened at $65.13 on Thursday. The company has a market cap of $6.19 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 0.94 and a beta of 0.73. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $86.75. The stock’s fifty day moving average price is $66.18 and its 200-day moving average price is $68.33.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the business posted $1.34 EPS. As a group, analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $66.34, for a total value of $39,804.00. Following the transaction, the director directly owned 44,600 shares in the company, valued at $2,958,764. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 13,200 shares of company stock worth $878,770 in the last quarter. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently made changes to their positions in the business. Mather Group LLC. purchased a new position in shares of Prosperity Bancshares in the third quarter valued at about $26,000. Steph & Co. purchased a new position in shares of Prosperity Bancshares in the second quarter valued at about $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares in the first quarter valued at about $48,000. Employees Retirement System of Texas purchased a new position in shares of Prosperity Bancshares in the second quarter valued at about $48,000. Finally, Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after acquiring an additional 186 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.