Prosperity Bancshares (NYSE:PB) Coverage Initiated at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage on Prosperity Bancshares with an "overweight" rating and a price target of $78.00, indicating a potential upside of 15.90% from its current price.
• The stock has a consensus rating of "Moderate Buy" from eleven analysts, with an average target price of $83.75.
• Prosperity Bancshares reported $1.42 earnings per share for the last quarter, surpassing analysts' expectations and reflecting a year-over-year increase.

Cantor Fitzgerald started coverage on shares of Prosperity Bancshares (NYSE:PB - Get Free Report) in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage set an "overweight" rating and a $78.00 price target on the bank's stock. Cantor Fitzgerald's price objective points to a potential upside of 15.06% from the company's current price.

Several other analysts have also weighed in on the company. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Citigroup raised their price objective on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective on the stock. Piper Sandler reduced their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Finally, Hovde Group cut their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of "Moderate Buy" and an average price target of $83.75.

Prosperity Bancshares Stock Up 0.0%

Shares of PB traded up $0.02 during trading hours on Wednesday, hitting $67.79. 1,039,425 shares of the company were exchanged, compared to its average volume of 1,005,223. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 1.01 and a beta of 0.74. Prosperity Bancshares has a fifty-two week low of $61.57 and a fifty-two week high of $86.75. The firm's fifty day moving average is $69.12 and its 200 day moving average is $69.53.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period last year, the firm posted $1.22 earnings per share. Analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $67.71, for a total transaction of $40,626.00. Following the completion of the transaction, the director directly owned 45,300 shares in the company, valued at $3,067,263. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 15,400 shares of company stock worth $1,069,500 in the last ninety days. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC raised its position in shares of Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after acquiring an additional 141 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its position in shares of Prosperity Bancshares by 4.9% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after acquiring an additional 156 shares during the last quarter. Tectonic Advisors LLC raised its position in shares of Prosperity Bancshares by 2.0% during the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after acquiring an additional 165 shares during the last quarter. AE Wealth Management LLC raised its position in shares of Prosperity Bancshares by 3.8% during the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank's stock worth $326,000 after acquiring an additional 172 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after acquiring an additional 186 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

About Prosperity Bancshares

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.