Prosperity Bancshares (NYSE:PB) Earns Hold (C) Rating from Weiss Ratings

Key Points

• Prosperity Bancshares has received a "hold (c)" rating from Weiss Ratings, with the stock having an average rating of "Moderate Buy" from twelve analysts.
• In the last quarter, Prosperity Bancshares reported an earnings per share (EPS) of $1.42, beating analysts' expectations by $0.02, despite revenue falling short of estimates.
• Institutional investors currently own 80.69% of Prosperity Bancshares' stock, indicating strong support from large financial entities.

Prosperity Bancshares (NYSE:PB - Get Free Report)'s stock had its "hold (c)" rating restated by analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

PB has been the subject of a number of other research reports. Cowen initiated coverage on Prosperity Bancshares in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Citigroup reiterated a "neutral" rating and issued a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. TD Cowen initiated coverage on Prosperity Bancshares in a research note on Thursday, September 25th. They issued a "buy" rating and a $79.00 target price for the company. Piper Sandler lowered their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Hovde Group lowered 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. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $82.38.

Prosperity Bancshares Stock Performance

PB stock opened at $65.37 on Wednesday. Prosperity Bancshares has a 1 year low of $61.57 and a 1 year high of $86.75. The firm has a market cap of $6.21 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 0.98 and a beta of 0.73. The stock has a 50-day simple moving average of $67.07 and a 200-day simple moving average of $68.76.

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

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.04, for a total value of $43,224.00. Following the completion of the transaction, the director owned 44,900 shares in the company, valued at approximately $3,234,596. This trade represents a 1.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 14,300 shares of company stock valued at $974,689. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. State Street Corp grew its position in shares of Prosperity Bancshares by 3.2% in the 2nd quarter. State Street Corp now owns 5,236,977 shares of the bank's stock worth $370,768,000 after acquiring an additional 160,740 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after acquiring an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after acquiring an additional 412,283 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock worth $167,393,000 after acquiring an additional 1,516,939 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Prosperity Bancshares by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,788,114 shares of the bank's stock worth $125,615,000 after acquiring an additional 11,606 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Company Profile

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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