Prosperity Bancshares Inc. (PB) Coverage Initiated at SunTrust Banks Inc.
Stock analysts at SunTrust Banks Inc. began coverage on shares of Prosperity Bancshares Inc. (NYSE:PB) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a “neutral” rating on the stock.
Other analysts also recently issued research reports about the company. Evercore ISI upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Thursday, June 9th. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Monday. Wedbush began coverage on Prosperity Bancshares in a research note on Thursday. They issued a “neutral” rating and a $54.00 target price on the stock. Finally, Hovde Group raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a report on Wednesday, June 29th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $50.85.
Shares of Prosperity Bancshares (NYSE:PB) traded down 0.02% during midday trading on Thursday, hitting $55.30. The stock had a trading volume of 220,899 shares. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 13.93 and a beta of 1.29. Prosperity Bancshares has a 12 month low of $33.57 and a 12 month high of $57.04. The stock’s 50 day moving average price is $54.20 and its 200 day moving average price is $51.40.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same period in the previous year, the company posted $1.03 earnings per share. On average, equities analysts forecast that Prosperity Bancshares will post $3.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.17%. Prosperity Bancshares’s payout ratio is currently 30.15%.
In related news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the sale, the director now owns 160,800 shares of the company’s stock, valued at $8,683,200. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the sale, the director now directly owns 6,723 shares of the company’s stock, valued at approximately $363,042. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC boosted its stake in Prosperity Bancshares by 40,913.9% in the second quarter. Riverhead Capital Management LLC now owns 5,000,000 shares of the company’s stock valued at $5,012,000 after buying an additional 4,987,809 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Prosperity Bancshares during the second quarter valued at approximately $22,319,000. Goldman Sachs Group Inc. boosted its stake in Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock valued at $87,859,000 after buying an additional 361,881 shares in the last quarter. Vanguard Group Inc. boosted its stake in Prosperity Bancshares by 4.3% in the second quarter. Vanguard Group Inc. now owns 5,293,252 shares of the company’s stock valued at $269,903,000 after buying an additional 219,156 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in Prosperity Bancshares by 90.5% in the first quarter. Prudential Financial Inc. now owns 397,676 shares of the company’s stock valued at $18,448,000 after buying an additional 188,890 shares in the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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