Raymond James Forecasts Strong Price Appreciation for Prosperity Bancshares (NYSE:PB) Stock

Prosperity Bancshares (NYSE:PB) had its target price increased by equities research analysts at Raymond James from $82.00 to $87.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 7.55% from the company’s current price.

PB has been the subject of several other reports. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. UBS Group reduced their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a report on Tuesday, January 7th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus target price of $81.96.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $80.89 on Thursday. The stock has a market capitalization of $7.71 billion, a P/E ratio of 17.17, a PEG ratio of 1.11 and a beta of 0.93. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75. The business has a 50 day simple moving average of $78.80 and a two-hundred day simple moving average of $74.93.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. As a group, research analysts anticipate that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares in the company, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,600 shares of company stock worth $1,196,144 in the last ninety days. 4.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its position in shares of Prosperity Bancshares by 7.2% in the second quarter. Envestnet Asset Management Inc. now owns 47,395 shares of the bank’s stock worth $2,898,000 after buying an additional 3,175 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Prosperity Bancshares by 3.4% during the 2nd quarter. Bank of Montreal Can now owns 15,425 shares of the bank’s stock worth $946,000 after purchasing an additional 506 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Prosperity Bancshares by 0.7% in the second quarter. The Manufacturers Life Insurance Company now owns 83,001 shares of the bank’s stock valued at $5,075,000 after acquiring an additional 582 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Prosperity Bancshares by 135.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after acquiring an additional 6,022 shares in the last quarter. Finally, Quarry LP raised its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.