Prosperity Bancshares Inc Stock Forecast
Prosperity Bancshares Inc stock downgraded to Sell Candidate
(Updated on Apr 30, 2024)
The Prosperity Bancshares Inc stock price fell by -1.01% on the last day (Tuesday, 30th Apr 2024) from $62.60 to $61.97. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.63% from a day low at $61.94 to a day high of $62.95. The price has risen in 6 of the last 10 days and is up by 4.63% 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 -166 thousand shares and in total, 489 thousand shares were bought and sold for approximately $30.27 million.
The stock is moving within a wide and 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 $58.31 and $64.61 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.
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PB Signals & Forecast
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. The Prosperity Bancshares Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $63.13 and $62.31. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -4.78%. 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 $61.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.01 between high and low, or 1.63%. For the last week, the stock has had daily average volatility of 2.82%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PB) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Prosperity Bancshares Inc to open at $62.29, and during the day (based on 14 day Average True Range), to move between $60.51 and $63.43, which gives a possible trading interval of +/-$1.46 (+/-2.36%) up or down from last closing price. If Prosperity Bancshares Inc takes out the full calculated possible swing range there will be an estimated 4.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $61.96 (0.02%) than the resistance at $62.06 (0.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Prosperity Bancshares Inc stock A Buy?
Prosperity Bancshares Inc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.320 Sell Candidate Downgraded
Predicted Opening Price for Prosperity Bancshares Inc of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $62.29 ( 0.511%) | $61.97 |
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 | 63.30 | 2.14 % | |
| R2 | 62.91 | 1.52 % | ||
| R1 | 62.67 | 1.13 % | ||
| Current price: | 61.97 | |||
| Support | S1 | 61.90 | -0.112 % | |
| S2 | 61.66 | -0.496 % | ||
| S3 | 61.28 | -1.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 64.26 | 3.70 % | |
| R2 | 63.44 | 2.37 % | ||
| R1 | 62.06 | 0.145 % | ||
| Current price | 61.97 | |||
| Support | S1 | 61.96 | -0.0161% | |
| S2 | 60.58 | -2.24% | ||
| S3 | 60.32 | -2.66% |
PB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 17, 2024 | Jun 14, 2024 | Jul 01, 2024 | $0.560 | 0.90% |
| 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
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