Cantor Fitzgerald Has Lowered Expectations for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price objective lowered by analysts at Cantor Fitzgerald from $85.00 to $78.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 17.55% from the stock’s current price.

Several other brokerages have also commented on PB. TD Cowen dropped their price target on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Morgan Stanley upped their price objective on Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. Citigroup cut their target price on Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 22nd. Finally, Raymond James Financial raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price on the stock in a research report on Tuesday, October 6th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $77.55.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $66.35 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a market cap of $6.69 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.74 and a beta of 0.66. The business has a fifty day simple moving average of $70.75 and a 200-day simple moving average of $70.47. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the prior year, the company posted $1.42 EPS. The company’s quarterly revenue was up 25.9% compared to the same quarter last year. Equities research analysts forecast that Prosperity Bancshares will post 6.46 EPS for the current year.

Insider Buying and Selling

In related news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $74.26, for a total value of $44,556.00. Following the transaction, the director owned 39,500 shares in the company, valued at approximately $2,933,270. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 11,600 shares of company stock valued at $829,985 in the last 90 days. Company insiders own 3.96% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently bought and sold shares of the business. Parkside Financial Bank & Trust grew its stake in shares of Prosperity Bancshares by 52.0% during the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after acquiring an additional 197 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Prosperity Bancshares during the second quarter valued at approximately $54,000. Root Financial Partners LLC lifted its holdings in Prosperity Bancshares by 310.6% during the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock worth $78,000 after buying an additional 879 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Prosperity Bancshares by 15.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock worth $124,000 after buying an additional 256 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 33.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock worth $145,000 after buying an additional 503 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.