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.
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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