Prosperity Bancshares Inc. (PB) Shares Gap Up to $50.10
Shares of Prosperity Bancshares Inc. (NYSE:PB) gapped up before the market opened on Tuesday . The stock had previously closed at $49.32, but opened at $50.10. Prosperity Bancshares shares last traded at $52.16, with a volume of 241,627 shares changing hands.
Several equities analysts recently commented on PB shares. Deutsche Bank AG reaffirmed a “hold” rating on shares of Prosperity Bancshares in a report on Sunday, March 20th. FBR & Co increased their target price on shares of Prosperity Bancshares from $48.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, April 28th. TheStreet raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, April 14th. FIG Partners lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 27th. Finally, Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, June 29th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.31.
The firm has a market capitalization of $3.64 billion and a P/E ratio of 13.00. The stock’s 50-day moving average price is $51.20 and its 200 day moving average price is $46.60.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 27th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.02. During the same quarter in the prior year, the firm earned $1.05 EPS. Equities analysts anticipate that Prosperity Bancshares Inc. will post $4.00 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Friday, June 17th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.40%. The ex-dividend date was Wednesday, June 15th.
In other news, Vice Chairman H E. Timanus, Jr. purchased 6,500 shares of the stock in a transaction dated Monday, June 27th. The shares were acquired at an average cost of $45.09 per share, for a total transaction of $293,085.00. Following the acquisition, the insider now owns 120,273 shares of the company’s stock, valued at $5,423,109.57. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Prosperity Bancshares by 14.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,178,775 shares of the company’s stock worth $56,420,000 after buying an additional 153,057 shares in the last quarter. Brown Advisory Inc. boosted its stake in Prosperity Bancshares by 4.7% in the fourth quarter. Brown Advisory Inc. now owns 669,582 shares of the company’s stock worth $32,046,000 after buying an additional 29,879 shares in the last quarter. Jennison Associates LLC raised its position in shares of Prosperity Bancshares by 6.8% in the fourth quarter. Jennison Associates LLC now owns 454,700 shares of the company’s stock valued at $21,762,000 after buying an additional 29,086 shares during the last quarter. State of Wisconsin Investment Board raised its position in shares of Prosperity Bancshares by 9.9% in the fourth quarter. State of Wisconsin Investment Board now owns 248,422 shares of the company’s stock valued at $11,889,000 after buying an additional 22,280 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Prosperity Bancshares by 4.6% in the fourth quarter. Principal Financial Group Inc. now owns 211,284 shares of the company’s stock valued at $10,112,000 after buying an additional 9,245 shares during the last quarter.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.