Prosperity Bancshares Inc. (PB) Trading 1.4% Higher
Prosperity Bancshares Inc. (NYSE:PB) traded up 1.4% during trading on Wednesday . The stock traded as high as $53.80 and last traded at $53.75, with a volume of 75,945 shares changing hands. The stock had previously closed at $53.02.
Several brokerages recently issued reports on PB. Compass Point began coverage on shares of Prosperity Bancshares in a research report on Tuesday, June 7th. They set a “neutral” rating and a $50.00 price target on the stock. Evercore ISI upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Thursday, June 9th. Royal Bank Of Canada upped their target price on shares of Prosperity Bancshares from $48.00 to $52.00 and gave the company a “sector perform” rating in a research report on Thursday, April 28th. FBR & Co upped their target price on shares of Prosperity Bancshares from $48.00 to $55.00 and gave the company a “hold” rating in a research report on Thursday, April 28th. Finally, FIG Partners downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Prosperity Bancshares currently has a consensus rating of “Hold” and an average price target of $51.31.
The stock’s 50 day moving average is $51.93 and its 200 day moving average is $48.62. The firm has a market capitalization of $3.76 billion and a price-to-earnings ratio of 13.61.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.01. During the same quarter in the previous year, the company posted $1.03 earnings per share. On average, analysts expect 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 issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.22%.
In related news, Vice Chairman H E. Timanus, Jr. purchased 6,500 shares of the firm’s stock in a transaction that occurred on Monday, June 27th. The stock was acquired at an average price of $45.09 per share, for a total transaction of $293,085.00. Following the completion of the acquisition, the insider now owns 120,273 shares of the company’s stock, valued at approximately $5,423,109.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
A number of large investors recently made changes to their positions in PB. New York State Common Retirement Fund increased 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. Jennison Associates LLC increased 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, Dimensional Fund Advisors LP increased 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.
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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