Prosperity Bancshares (NYSE:PB) Rating Increased to Buy at Janney Montgomery Scott

Prosperity Bancshares (NYSE:PB – Get Rating) was upgraded by equities research analysts at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has a $76.00 price objective on the bank’s stock. Janney Montgomery Scott’s target price suggests a potential upside of 22.23% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Morgan Stanley started coverage on shares of Prosperity Bancshares in a research report on Monday, December 5th. They set an “equal weight” rating and a $69.00 price objective for the company. Raymond James raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a research report on Tuesday, February 21st. Finally, DA Davidson reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research report on Wednesday, December 21st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and an average price target of $76.00.

Prosperity Bancshares Trading Up 0.8 %

NYSE:PB opened at $62.18 on Monday. Prosperity Bancshares has a 1-year low of $58.25 and a 1-year high of $78.76. The firm has a fifty day simple moving average of $73.63 and a 200 day simple moving average of $72.33. The stock has a market capitalization of $5.68 billion, a PE ratio of 10.85, a P/E/G ratio of 1.09 and a beta of 0.99.

Prosperity Bancshares (NYSE:PB – Get Rating) last released its earnings results on Wednesday, January 25th. The bank reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.01. Prosperity Bancshares had a net margin of 42.30% and a return on equity of 7.97%. The business had revenue of $346.32 million during the quarter, compared to analysts’ expectations of $296.52 million. During the same period last year, the business earned $1.38 earnings per share. On average, equities analysts predict that Prosperity Bancshares will post 5.86 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman H E. Timanus, Jr. acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average price of $62.90 per share, with a total value of $62,900.00. Following the completion of the transaction, the chairman now directly owns 202,891 shares of the company’s stock, valued at approximately $12,761,843.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Meeder Asset Management Inc. grew its holdings in shares of Prosperity Bancshares by 166.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 386 shares of the bank’s stock valued at $26,000 after purchasing an additional 241 shares during the last quarter. Zions Bancorporation N.A. bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at approximately $30,000. Quadrant Capital Group LLC grew its holdings in shares of Prosperity Bancshares by 49.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock valued at $29,000 after purchasing an additional 144 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $34,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $46,000. Institutional investors own 81.32% of the company’s stock.

About Prosperity Bancshares

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.