Prosperity Bancshares, Inc. (PB) Earns “Hold” Rating from Keefe, Bruyette & Woods
Keefe, Bruyette & Woods restated their hold rating on shares of Prosperity Bancshares, Inc. (NYSE:PB) in a report published on Thursday morning. They currently have a $73.00 target price on the bank’s stock.
A number of other research firms have also recently weighed in on PB. Stephens set a $73.00 price objective on Prosperity Bancshares and gave the stock a hold rating in a research report on Wednesday, July 26th. BidaskClub lowered Prosperity Bancshares from a sell rating to a strong sell rating in a research note on Sunday, July 16th. Raymond James Financial, Inc. restated a market perform rating on shares of Prosperity Bancshares in a research note on Thursday, April 6th. Hovde Group reduced their target price on Prosperity Bancshares from $70.00 to $68.00 and set a market perform rating for the company in a research note on Monday, June 26th. Finally, ValuEngine upgraded Prosperity Bancshares from a hold rating to a buy rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $71.17.
Prosperity Bancshares (NYSE PB) traded up 1.39% on Thursday, hitting $64.40. The stock had a trading volume of 244,872 shares. The firm has a market cap of $4.47 billion, a PE ratio of 16.30 and a beta of 1.33. Prosperity Bancshares has a 52-week low of $49.46 and a 52-week high of $77.87. The company has a 50-day moving average price of $64.79 and a 200 day moving average price of $68.49.
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 business had revenue of $180.01 million during 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 period in the previous year, the business earned $0.98 EPS. Equities analysts forecast that Prosperity Bancshares will post $4.03 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid 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 dividend yield of 2.14%. Prosperity Bancshares’s payout ratio is currently 34.34%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 10,000 shares of Prosperity Bancshares stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total transaction of $651,000.00. Following the completion of the transaction, the director now owns 156,800 shares in the company, valued at approximately $10,207,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares stock in a transaction dated 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 owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The disclosure for this sale can be found here. Company insiders own 4.93% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PB. Huntington National Bank raised its position in Prosperity Bancshares by 9.2% in 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 during the last quarter. Quantbot Technologies LP bought a new position in Prosperity Bancshares during the first quarter worth $154,000. PNC Financial Services Group Inc. raised its position in Prosperity Bancshares by 13.7% in 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 during the last quarter. Parametrica Management Ltd bought a new position in Prosperity Bancshares during the first quarter worth $207,000. Finally, Engineers Gate Manager LP bought a new position in Prosperity Bancshares during the first quarter worth $244,000. Institutional investors and hedge funds own 75.51% 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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