Prosperity Bancshares (NYSE:PB) Now Covered by Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has initiated coverage on Prosperity Bancshares (NYSE:PB) with an "overweight" rating, indicating positive sentiment toward the bank's stock.
• Prosperity Bancshares recently reported earnings of $1.42 per share, exceeding analysts' expectations, and has shown a market capitalization of approximately $6.39 billion.
• In recent months, various analysts have adjusted their price targets for Prosperity Bancshares, with the consensus average target price set at $83.75.

Equities researchers at Cantor Fitzgerald started coverage on shares of Prosperity Bancshares (NYSE:PB - Get Free Report) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage set an "overweight" rating on the bank's stock.

A number of other analysts have also recently issued reports on the company. Piper Sandler decreased their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Citigroup upped their price target on Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Hovde Group decreased their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Finally, Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $83.75.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $67.25 on Tuesday. Prosperity Bancshares has a 1 year low of $61.57 and a 1 year high of $86.75. The stock has a market capitalization of $6.39 billion, a P/E ratio of 12.23, a PEG ratio of 1.01 and a beta of 0.74. The stock has a 50-day simple moving average of $69.36 and a 200-day simple moving average of $69.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (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 business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same quarter in the previous year, the business earned $1.22 EPS. Analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total transaction of $33,595.00. Following the sale, the director directly owned 93,415 shares of the company's stock, valued at approximately $6,276,553.85. This represents a 0.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 15,400 shares of company stock worth $1,069,500. Corporate insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the company. Steph & Co. bought a new position in shares of Prosperity Bancshares during the second quarter worth about $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Prosperity Bancshares during the first quarter worth about $48,000. Employees Retirement System of Texas bought a new position in shares of Prosperity Bancshares during the second quarter worth about $48,000. Osaic Holdings Inc. grew its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after acquiring an additional 186 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Prosperity Bancshares by 1,251.4% in the second quarter. IFP Advisors Inc now owns 973 shares of the bank's stock worth $68,000 after purchasing an additional 901 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.