Prosperity Bancshares, Inc. (PB) Receives $69.65 Consensus PT from Analysts
Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given a consensus recommendation of “Hold” by the seventeen research firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $69.65.
A number of analysts have recently commented on PB shares. Wedbush raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price objective on the stock in a research report on Friday, May 19th. ValuEngine lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Wednesday, May 24th. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $63.00 to $65.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. BidaskClub raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Hovde Group cut their price objective on shares of Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a research report on Monday, June 26th.
Shares of Prosperity Bancshares (NYSE PB) traded up 0.20% on Tuesday, hitting $60.12. 286,082 shares of the stock traded hands. Prosperity Bancshares has a 52 week low of $52.19 and a 52 week high of $77.87. The firm’s 50 day moving average is $61.77 and its 200 day moving average is $65.81. The firm has a market capitalization of $4.18 billion, a PE ratio of 15.22 and a beta of 1.34.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The business had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same period in the prior year, the firm earned $0.98 EPS. On average, analysts expect that Prosperity Bancshares will post $3.96 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.27%. Prosperity Bancshares’s payout ratio is 34.34%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the transaction, the director now directly owns 147,800 shares in the company, valued at $9,510,930. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $61.51, for a total transaction of $307,550.00. Following the completion of the transaction, the director now owns 142,800 shares in the company, valued at $8,783,628. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,000 shares of company stock worth $864,950. Corporate insiders own 4.93% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PB. Huntington National Bank boosted its position in shares of Prosperity Bancshares by 9.2% in the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after acquiring an additional 143 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Prosperity Bancshares in the second quarter valued at about $109,000. Quantbot Technologies LP bought a new stake in shares of Prosperity Bancshares in the first quarter valued at about $154,000. PNC Financial Services Group Inc. boosted its position in shares of Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after acquiring an additional 269 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Prosperity Bancshares by 17.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after acquiring an additional 369 shares during the period. Hedge funds and other institutional investors own 72.90% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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