Keefe, Bruyette & Woods Lowers Prosperity Bancshares (NYSE:PB) Price Target to $90.00

Prosperity Bancshares (NYSE:PB - Get Free Report) had its price target dropped by investment analysts at Keefe, Bruyette & Woods from $95.00 to $90.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 29.86% from the stock's previous close.

Several other analysts have also commented on PB. Bank of America raised shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. Stephens lifted their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Royal Bank of Canada reduced their target price on 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 target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Hovde Group reduced their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average price target of $83.71.

Prosperity Bancshares Trading Up 0.3 %

NYSE:PB traded up $0.18 during midday trading on Monday, hitting $69.31. 1,088,170 shares of the stock were exchanged, compared to its average volume of 578,327. The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 0.94 and a beta of 0.70. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.76. The business has a 50-day moving average price of $68.94 and a two-hundred day moving average price of $75.08.

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

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total value of $36,810.00. Following the completion of the sale, the director now directly owns 105,315 shares in the company, valued at $7,753,290.30. The trade was a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 5,500 shares of company stock valued at $385,225. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Prosperity Bancshares by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock worth $736,923,000 after buying an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Prosperity Bancshares by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock valued at $345,575,000 after acquiring an additional 48,304 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Prosperity Bancshares by 1.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after acquiring an additional 32,917 shares in the last quarter. Snyder Capital Management L P lifted its holdings in Prosperity Bancshares by 7.3% in the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after purchasing an additional 83,488 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Prosperity Bancshares by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock worth $89,531,000 after purchasing an additional 4,913 shares during the period. 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.