Prosperity Bancshares (NYSE:PB) Rating Lowered to Hold at Hovde Group

Prosperity Bancshares (NYSE:PB) was downgraded by investment analysts at Hovde Group from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Barclays dropped their price objective on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a report on Tuesday, November 11th. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Raymond James Financial reissued an “outperform” rating and set a $77.00 price objective (up previously from $75.00) on shares of Prosperity Bancshares in a research note on Thursday, October 30th. Citigroup reaffirmed a “neutral” rating and issued a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Finally, Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target for the company. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.21.

Prosperity Bancshares Price Performance

PB opened at $68.71 on Wednesday. The firm has a 50 day simple moving average of $65.74 and a 200 day simple moving average of $68.15. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $84.77. The company has a market cap of $6.53 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million during the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 EPS. As a group, analysts expect that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $68.65, for a total value of $41,190.00. Following the sale, the director owned 44,200 shares in the company, valued at approximately $3,034,330. The trade was a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 13,200 shares of company stock worth $872,099 in the last ninety days. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Danske Bank A S bought a new stake in shares of Prosperity Bancshares in the third quarter worth $40,000. NewEdge Advisors LLC increased its stake in Prosperity Bancshares by 16.7% in the 3rd quarter. NewEdge Advisors LLC now owns 8,611 shares of the bank’s stock valued at $571,000 after buying an additional 1,235 shares during the last quarter. Caxton Associates LLP lifted its position in Prosperity Bancshares by 66.5% during the 3rd quarter. Caxton Associates LLP now owns 8,600 shares of the bank’s stock worth $571,000 after buying an additional 3,434 shares in the last quarter. Dark Forest Capital Management LP boosted its stake in shares of Prosperity Bancshares by 29.8% during the 3rd quarter. Dark Forest Capital Management LP now owns 120,443 shares of the bank’s stock worth $7,991,000 after buying an additional 27,670 shares during the last quarter. Finally, Voleon Capital Management LP acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $2,602,000. 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.