Prosperity Bancshares, Inc. (PB) Earns “Buy” Rating from SunTrust Banks, Inc.
SunTrust Banks, Inc. reiterated their buy rating on shares of Prosperity Bancshares, Inc. (NYSE:PB) in a research note issued to investors on Monday. SunTrust Banks, Inc. currently has a $73.00 price target on the bank’s stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q3 2017 earnings at $0.99 EPS.
A number of other equities analysts have also recently weighed in on PB. UBS AG cut shares of Prosperity Bancshares to an underperform rating in a research report on Thursday, August 10th. Keefe, Bruyette & Woods restated a hold rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Zacks Investment Research cut shares of Prosperity Bancshares from a hold rating to a sell rating in a research report on Tuesday, September 26th. Raymond James Financial, Inc. restated an underperform rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Finally, BidaskClub cut shares of Prosperity Bancshares from a sell rating to a strong sell rating in a research report on Sunday, July 16th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $69.95.
Prosperity Bancshares (PB) opened at 64.74 on Monday. The stock has a market capitalization of $4.50 billion, a PE ratio of 16.39 and a beta of 1.36. The company’s 50-day moving average is $61.29 and its 200 day moving average is $64.61. Prosperity Bancshares has a 1-year low of $52.81 and a 1-year high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The company had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same quarter in the prior year, the company posted $0.98 earnings per share. Equities analysts predict that Prosperity Bancshares will post $3.96 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Thursday, September 14th. Prosperity Bancshares’s payout ratio is 34.34%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the director now owns 137,800 shares of the company’s stock, valued at $8,268,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.93% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank grew its holdings in shares of Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after buying an additional 143 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Prosperity Bancshares during the second quarter worth $109,000. Quantbot Technologies LP purchased a new stake in shares of Prosperity Bancshares during the first quarter worth $154,000. PNC Financial Services Group Inc. grew its holdings in shares of Prosperity Bancshares by 13.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after buying an additional 269 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Prosperity Bancshares by 17.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after buying an additional 369 shares in the last quarter. 72.88% of the stock is owned by institutional investors and hedge funds.
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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