Piper Sandler Issues Pessimistic Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB - Get Free Report) had its price objective lowered by Piper Sandler from $86.00 to $84.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Piper Sandler's price objective suggests a potential upside of 22.36% from the company's previous close.

Several other research firms have also recently weighed in on PB. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Barclays decreased their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Hovde Group dropped their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday. 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 target price on the stock. Finally, Royal Bank Of Canada dropped their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $84.27.

Prosperity Bancshares Trading Down 1.3%

Shares of PB traded down $0.88 during mid-day trading on Thursday, reaching $68.65. 397,742 shares of the stock traded hands, compared to its average volume of 648,859. The company has a market cap of $6.54 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.01 and a beta of 0.68. Prosperity Bancshares has a 1 year low of $61.57 and a 1 year high of $86.75. The firm has a fifty day moving average price of $70.93 and a 200 day moving average price of $72.23.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate 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 6.81% and a net margin of 27.69%. During the same period in the previous year, the business earned $1.22 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current year.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the transaction, the director directly owned 45,700 shares in the company, valued at $3,239,673. This trade represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders sold 12,500 shares of company stock valued at $885,446. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in PB. Steph & Co. bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Prosperity Bancshares during the first quarter valued at $48,000. IFP Advisors Inc boosted 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 valued at $68,000 after buying an additional 901 shares during the last quarter. Aster Capital Management DIFC Ltd increased its holdings in 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 buying an additional 713 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after buying an additional 141 shares in 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.

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