Prosperity Bancshares (NYSE:PB) Now Covered by 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.

Equities research analysts at Cantor Fitzgerald assumed coverage on shares of Prosperity Bancshares (NYSE:PB - Get Free Report) in a report issued on Wednesday, MarketBeat reports. The firm set an "overweight" rating and a $78.00 price target on the bank's stock. Cantor Fitzgerald's price target would indicate a potential upside of 18.16% from the company's current price.

A number of other research firms have also recently weighed in on PB. Citigroup upped their price objective on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Hovde Group cut their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Piper Sandler reduced their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.13.

Prosperity Bancshares Price Performance

NYSE PB traded down $1.25 during trading hours on Wednesday, reaching $66.01. The company's stock had a trading volume of 218,582 shares, compared to its average volume of 718,685. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.02 and a beta of 0.74. The company's 50-day moving average is $69.12 and its two-hundred day moving average is $69.48. Prosperity Bancshares has a 1-year low of $61.57 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to analysts' expectations 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 in the previous year, the business earned $1.22 earnings per share. Equities analysts forecast that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $67.19, for a total value of $33,595.00. Following the sale, the director directly owned 93,415 shares in the company, valued at approximately $6,276,553.85. The trade was a 0.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 15,400 shares of company stock worth $1,069,500. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently modified their holdings of PB. Steph & Co. purchased a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Prosperity Bancshares during the 1st quarter worth approximately $48,000. Employees Retirement System of Texas purchased a new position in Prosperity Bancshares in the 2nd quarter valued at approximately $48,000. Osaic Holdings Inc. grew its stake in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after acquiring an additional 186 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank's stock worth $68,000 after acquiring an additional 901 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.