Prosperity Bancshares Inc Stock Forecast
Prosperity Bancshares Inc stock upgraded to Buy Candidate.
(Updated on Apr 24, 2024)
The Prosperity Bancshares Inc stock price gained 3.80% on the last trading day (Wednesday, 24th Apr 2024), rising from $62.70 to $65.08. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 5.48% from a day low at $62.36 to a day high of $65.77. The price has risen in 6 of the last 10 days and is up by 6.46% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 256 thousand more shares were traded than the day before. In total, 777 thousand shares were bought and sold for approximately $50.58 million.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $65.11 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -3.43% during the next 3 months and, with a 90% probability hold a price between $56.98 and $62.88 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $61.25 and $62.35. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 9.88%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Prosperity Bancshares Inc stock
Prosperity Bancshares Inc finds support from accumulated volume at $64.26 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 $3.42 between high and low, or 5.48%. For the last week, the stock has had daily average volatility of 2.73%.
Since the Prosperity Bancshares Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $62.59 (-3.82%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (PB) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Prosperity Bancshares Inc to open at $64.40, and during the day (based on 14 day Average True Range), to move between $63.58 and $66.58, which gives a possible trading interval of +/-$1.50 (+/-2.31%) up or down from last closing price. If Prosperity Bancshares Inc takes out the full calculated possible swing range there will be an estimated 4.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $65.39 (0.48%) than the support at $64.26 (1.26%), 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?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.038 Buy Candidate Upgraded
Predicted Opening Price for Prosperity Bancshares Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $64.40 ( 1.04%) | $65.08 |
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 | 67.82 | 4.21 % | |
| R2 | 66.51 | 2.20 % | ||
| R1 | 65.71 | 0.96 % | ||
| Current price: | 65.08 | |||
| Support | S1 | 63.10 | -3.05 % | |
| S2 | 62.29 | -4.29 % | ||
| S3 | 60.99 | -6.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.78 | 1.08 % | |
| R2 | 65.75 | 1.03 % | ||
| R1 | 65.39 | 0.476 % | ||
| Current price | 65.08 | |||
| Support | S1 | 64.26 | -1.26% | |
| S2 | 63.44 | -2.52% | ||
| S3 | 62.06 | -4.64% |
PB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 17, 2024 | Jun 14, 2024 | Jul 01, 2024 | $0.560 | 0.86% |
| 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% |
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