Prosperity Bancshares (NYSE:PB) PT Lowered to $63.00 at Wolfe Research

Prosperity Bancshares (NYSE:PBGet Rating) had its price target reduced by Wolfe Research from $69.00 to $63.00 in a research note issued on Thursday, The Fly reports. Wolfe Research’s target price points to a potential downside of 11.02% from the stock’s previous close.

Separately, initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, March 31st. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $77.25.

Shares of PB stock opened at $70.80 on Thursday. The firm’s 50-day moving average is $68.57 and its two-hundred day moving average is $72.14. Prosperity Bancshares has a 12 month low of $64.40 and a 12 month high of $80.46. The company has a market capitalization of $6.53 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08.

Prosperity Bancshares (NYSE:PBGet Rating) last announced its quarterly earnings results on Wednesday, April 27th. The bank reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. Prosperity Bancshares had a net margin of 43.64% and a return on equity of 7.95%. During the same quarter in the previous year, the firm earned $1.44 earnings per share. As a group, analysts anticipate that Prosperity Bancshares will post 5.62 earnings per share for the current fiscal year.

In other news, Chairman H E. Timanus, Jr. acquired 2,000 shares of the company’s stock in a transaction on Thursday, May 12th. The shares were bought at an average cost of $67.00 per share, with a total value of $134,000.00. Following the purchase, the chairman now owns 2,000 shares of the company’s stock, valued at approximately $134,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.22% of the company’s stock.

Large investors have recently bought and sold shares of the company. American Century Companies Inc. grew its holdings in shares of Prosperity Bancshares by 43.0% during the first quarter. American Century Companies Inc. now owns 3,098,134 shares of the bank’s stock worth $214,949,000 after buying an additional 931,585 shares in the last quarter. State Street Corp grew its stake in Prosperity Bancshares by 13.0% in the 1st quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock worth $539,069,000 after acquiring an additional 890,236 shares during the period. Norges Bank purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $58,322,000. Millennium Management LLC grew its stake in Prosperity Bancshares by 1,261.7% in the 4th quarter. Millennium Management LLC now owns 575,661 shares of the bank’s stock worth $41,620,000 after acquiring an additional 533,386 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new stake in Prosperity Bancshares in the 1st quarter worth approximately $24,469,000. 80.30% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile (Get Rating)

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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