Hovde Group Issues Pessimistic Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB - Get Free Report) had its target price decreased by stock analysts at Hovde Group from $90.00 to $80.00 in a research report issued on Friday, Marketbeat reports. The brokerage currently has an "outperform" rating on the bank's stock. Hovde Group's price target indicates a potential upside of 18.89% from the stock's current price.

PB has been the subject of a number of other research reports. Royal Bank of Canada dropped their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Barclays dropped their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $83.23.

Prosperity Bancshares Trading Down 1.8 %

Prosperity Bancshares stock traded down $1.22 during trading hours on Friday, reaching $67.29. 128,415 shares of the stock were exchanged, compared to its average volume of 571,471. The company has a market cap of $6.41 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.76. The stock has a 50 day moving average of $69.82 and a two-hundred day moving average of $75.27.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same period last year, the company posted $1.18 EPS. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. On average, analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $78.30, for a total value of $39,150.00. Following the completion of the sale, the director now owns 106,815 shares in the company, valued at $8,363,614.50. The trade was a 0.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 5,000 shares of company stock worth $356,740 in the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its holdings in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after acquiring an additional 409 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank's stock worth $45,000 after acquiring an additional 300 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock worth $64,000 after acquiring an additional 143 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd raised its holdings in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after acquiring an additional 713 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

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.