Prosperity Bancshares, Inc. (NYSE:PB) Given a $73.00 Price Target at Stephens
A number of other equities research analysts have also recently issued reports on PB. UBS AG cut Prosperity Bancshares from an outperform rating to a market perform rating in a research report on Thursday, April 6th. BidaskClub cut Prosperity Bancshares from a sell rating to a strong sell rating in a research report on Sunday, July 16th. Piper Jaffray Companies reaffirmed a hold rating and set a $73.50 target price on shares of Prosperity Bancshares in a research report on Friday, July 14th. ValuEngine cut Prosperity Bancshares from a buy rating to a hold rating in a research report on Wednesday, May 24th. Finally, Zacks Investment Research cut Prosperity Bancshares from a hold rating to a sell rating in a research report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the stock. Prosperity Bancshares currently has a consensus rating of Hold and a consensus price target of $71.17.
Shares of Prosperity Bancshares (NYSE:PB) opened at 63.52 on Wednesday. Prosperity Bancshares has a 1-year low of $49.46 and a 1-year high of $77.87. The stock’s 50 day moving average is $64.79 and its 200-day moving average is $68.49. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 16.08 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.01. The firm had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. During the same period in the previous year, the firm posted $0.98 EPS. On average, analysts anticipate that Prosperity Bancshares will post $4.03 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.14%. Prosperity Bancshares’s dividend payout ratio is 34.34%.
In related news, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the transaction, the director now directly owns 156,800 shares in the company, valued at $10,207,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the director now owns 147,800 shares of the company’s stock, valued at $9,510,930. The disclosure for this sale can be found here. 4.93% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PB. BlackRock Inc. raised its position in shares of Prosperity Bancshares by 17,208.1% in the first quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock worth $509,091,000 after buying an additional 7,260,798 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Prosperity Bancshares by 6.5% in the first quarter. Vanguard Group Inc. now owns 6,056,179 shares of the bank’s stock worth $422,176,000 after buying an additional 370,991 shares during the last quarter. State Street Corp raised its position in shares of Prosperity Bancshares by 16.0% in the first quarter. State Street Corp now owns 3,550,676 shares of the bank’s stock worth $247,517,000 after buying an additional 489,811 shares during the last quarter. FMR LLC raised its position in shares of Prosperity Bancshares by 43.7% in the first quarter. FMR LLC now owns 1,729,603 shares of the bank’s stock worth $120,571,000 after buying an additional 526,028 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 6.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,686,354 shares of the bank’s stock worth $117,559,000 after buying an additional 98,712 shares during the last quarter. Institutional investors and hedge funds own 75.43% of the company’s stock.
About Prosperity Bancshares
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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