Prosperity Bancshares Inc Stock Forecast
Weaker technical forecast for Prosperity Bancshares Inc as stock downgraded to Hold/Accumulate.
(Updated on May 20, 2024)
The Prosperity Bancshares Inc stock price fell by -1.83% on the last day (Monday, 20th May 2024) from $65.13 to $63.94. During the last trading day the stock fluctuated 1.67% from a day low at $63.93 to a day high of $65.00. The price has risen in 6 of the last 10 days and is up by 0.98% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -99 thousand shares and in total, 554 thousand shares were bought and sold for approximately $35.43 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Prosperity Bancshares Inc stock with a 90% probability to be traded between $60.08 and $65.80 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PB Signals & Forecast
The Prosperity Bancshares Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $63.88 and $62.64. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -1.83%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Prosperity Bancshares Inc stock
Prosperity Bancshares Inc finds support from accumulated volume at $63.07 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.07 between high and low, or 1.67%. For the last week the stock has had daily average volatility of 1.62%.
Our recommended stop-loss: $61.49 (-3.83%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 24 days ago.)
Trading Expectations (PB) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Prosperity Bancshares Inc to open at $64.29, and during the day (based on 14 day Average True Range), to move between $62.76 and $65.12, which gives a possible trading interval of +/-$1.18 (+/-1.84%) up or down from last closing price. If Prosperity Bancshares Inc takes out the full calculated possible swing range there will be an estimated 3.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $64.13 (0.30%) than the support at $63.07 (1.36%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Prosperity Bancshares Inc stock A Buy?
Prosperity Bancshares Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: -0.072 Hold/Accumulate Downgraded
Predicted Opening Price for Prosperity Bancshares Inc of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $64.29 ( 0.547%) | $63.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.36 | 2.22 % | |
| R2 | 64.95 | 1.58 % | ||
| R1 | 64.70 | 1.19 % | ||
| Current price: | 63.94 | |||
| Support | S1 | 63.88 | -0.0919 % | |
| S2 | 63.63 | -0.487 % | ||
| S3 | 63.22 | -1.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.13 | 1.86 % | |
| R2 | 65.08 | 1.78 % | ||
| R1 | 64.13 | 0.297 % | ||
| Current price | 63.94 | |||
| Support | S1 | 63.07 | -1.36% | |
| S2 | 62.82 | -1.75% | ||
| S3 | 62.41 | -2.39% |
PB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 17, 2024 | Jun 14, 2024 | Jul 01, 2024 | $0.560 | 0.88% |
| 2 | Mar 14, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.560 | 0.87% |
| 3 | Oct 18, 2023 | Dec 14, 2023 | Jan 02, 2024 | $0.560 | 0.82% |
| 4 | Jul 19, 2023 | Sep 14, 2023 | Oct 02, 2023 | $0.550 | 1.03% |
| 5 | Apr 19, 2023 | Jun 14, 2023 | Jul 03, 2023 | $0.550 | 0.95% |
FAQ
Click here for our free guide on how to buy Prosperity Bancshares Inc Stock.
