Prosperity Bancshares (NYSE:PB) Rating Increased to Market Perform at Raymond James

Prosperity Bancshares (NYSE:PB) was upgraded by investment analysts at Raymond James from an “underperform” rating to a “market perform” rating in a research note issued on Tuesday, June 18th, Marketbeat.com reports. The firm currently has a $62.71 target price on the bank’s stock. Raymond James’ target price suggests a potential downside of 6.09% from the company’s previous close.

Several other analysts have also issued reports on PB. Hovde Group lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and set a $79.00 target price for the company. in a research note on Friday, March 1st. Sanford C. Bernstein lowered shares of Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research note on Tuesday, May 28th. Stephens set a $74.00 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Monday, June 17th. FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Finally, Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $73.95.

NYSE:PB opened at $66.78 on Tuesday. The company has a fifty day moving average of $66.90. The company has a market cap of $4.70 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.62 and a beta of 1.36. Prosperity Bancshares has a twelve month low of $57.01 and a twelve month high of $76.25.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.01. The company had revenue of $183.06 million during the quarter, compared to analyst estimates of $185.27 million. Prosperity Bancshares had a net margin of 38.42% and a return on equity of 8.20%. During the same quarter in the previous year, the business posted $1.07 EPS. As a group, analysts forecast that Prosperity Bancshares will post 4.78 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of PB. Oregon Public Employees Retirement Fund increased its position in shares of Prosperity Bancshares by 5,839.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,642,789 shares of the bank’s stock worth $26,000 after purchasing an additional 1,615,129 shares during the last quarter. Marshall Wace North America L.P. bought a new position in Prosperity Bancshares during the first quarter valued at approximately $35,000. Captrust Financial Advisors grew its position in Prosperity Bancshares by 513.1% during the fourth quarter. Captrust Financial Advisors now owns 607 shares of the bank’s stock valued at $38,000 after acquiring an additional 508 shares during the last quarter. Advisory Services Network LLC grew its position in Prosperity Bancshares by 88.3% during the fourth quarter. Advisory Services Network LLC now owns 900 shares of the bank’s stock valued at $56,000 after acquiring an additional 422 shares during the last quarter. Finally, Lake Point Wealth Management bought a new position in Prosperity Bancshares during the fourth quarter valued at approximately $56,000. Institutional investors own 82.48% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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