Prosperity Bancshares (NYSE:PB) Now Covered by Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage of Prosperity Bancshares, setting a "buy" rating and a price target of $79.00, indicating a potential upside of 20.94% from its previous close.
• Analysts show varied sentiments with Hovde Group reducing their price target to $83.00, while Citigroup has lowered theirs to $68.00, contributing to a consensus rating of "Moderate Buy" with an average target price of $83.13.
• The company reported a quarterly earnings beat with $1.42 EPS and a net margin of 29.37%, though revenue fell short of estimates at $310.70 million.

Equities researchers at TD Cowen initiated coverage on shares of Prosperity Bancshares (NYSE:PB - Get Free Report) in a research note issued on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $79.00 price target on the bank's stock. TD Cowen's target price points to a potential upside of 20.94% from the stock's previous close.

A number of other analysts also recently commented on the company. Hovde Group reduced their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Citigroup reiterated a "neutral" rating and issued a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 price objective for the company. Finally, Piper Sandler reduced their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $83.13.

Prosperity Bancshares Stock Up 0.3%

Shares of NYSE:PB opened at $65.32 on Thursday. The business has a 50 day moving average price of $67.85 and a 200 day moving average price of $69.08. Prosperity Bancshares has a twelve month low of $61.57 and a twelve month high of $86.75. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.98 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping 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 company had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. During the same quarter last year, the company earned $1.22 EPS. Analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current year.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $65.25, for a total transaction of $32,625.00. Following the completion of the sale, the director directly owned 92,415 shares of the company's stock, valued at $6,030,078.75. This trade represents a 0.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 15,400 shares of company stock worth $1,063,189. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of PB. Deutsche Bank AG increased its holdings in Prosperity Bancshares by 10.6% during the 4th quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock valued at $467,000 after purchasing an additional 592 shares in the last quarter. Squarepoint Ops LLC bought a new position in Prosperity Bancshares in the 4th quarter valued at $1,473,000. GTS Securities LLC bought a new position in Prosperity Bancshares in the 4th quarter valued at $303,000. Forum Financial Management LP bought a new position in Prosperity Bancshares in the 4th quarter valued at $242,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares by 9.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,801 shares of the bank's stock valued at $512,000 after buying an additional 608 shares during the last quarter. 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.

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