Prosperity Bancshares Inc. (PB) Shares Up 1.4%
Shares of Prosperity Bancshares Inc. (NYSE:PB) shot up 1.4% during trading on Wednesday . The company traded as high as $53.80 and last traded at $53.75, with a volume of 75,945 shares traded. The stock had previously closed at $53.02.
A number of brokerages have commented on PB. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, April 26th. Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research report on Wednesday, June 29th. Raymond James Financial Inc. upgraded Prosperity Bancshares from an “underperform” rating to an “outperform” rating in a research report on Monday, May 9th. Deutsche Bank AG reiterated a “hold” rating on shares of Prosperity Bancshares in a research report on Sunday, May 22nd. Finally, FBR & Co raised their target price on Prosperity Bancshares from $48.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, April 28th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $51.31.
The stock has a market capitalization of $3.70 billion and a P/E ratio of 13.42. The company’s 50 day moving average is $51.61 and its 200-day moving average is $48.55.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by $0.01. During the same quarter last year, the company posted $1.03 earnings per share. Equities analysts predict that Prosperity Bancshares Inc. will post $3.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 16th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Wednesday, September 14th.
In related news, Vice Chairman H E. Timanus, Jr. purchased 6,500 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The stock was acquired at an average cost of $45.09 per share, for a total transaction of $293,085.00. Following the completion of the purchase, the insider now owns 120,273 shares in the company, valued at approximately $5,423,109.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several large investors recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Prosperity Bancshares by 14.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,178,775 shares of the company’s stock valued at $56,420,000 after buying an additional 153,057 shares during the period. Jennison Associates LLC boosted its stake 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 period. Finally, New York State Common Retirement Fund boosted its stake in shares of Prosperity Bancshares by 3.9% in the fourth quarter. New York State Common Retirement Fund now owns 68,800 shares of the company’s stock valued at $3,293,000 after buying an additional 2,600 shares during the period.
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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