Prosperity Bancshares, Inc. (PB) Receives Average Recommendation of “Hold” from Analysts
Prosperity Bancshares, Inc. (NYSE:PB) has been assigned a consensus rating of “Hold” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $73.00.
Several equities analysts have commented on PB shares. Morgan Stanley lowered their target price on shares of Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Stephens set a $70.00 price objective on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Robert W. Baird raised shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a research note on Thursday, October 25th. Finally, SunTrust Banks lowered their price objective on shares of Prosperity Bancshares to $68.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. They noted that the move was a valuation call.
NYSE:PB traded down $0.05 during mid-day trading on Thursday, hitting $66.56. The stock had a trading volume of 521,412 shares, compared to its average volume of 427,053. The company has a market cap of $4.65 billion, a PE ratio of 16.89, a P/E/G ratio of 1.71 and a beta of 1.33. Prosperity Bancshares has a 52 week low of $60.15 and a 52 week high of $79.20.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Saturday, December 15th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.64 annualized dividend and a dividend yield of 2.46%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.36. Prosperity Bancshares’s payout ratio is currently 36.55%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,180 shares of the firm’s stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $65.44, for a total value of $142,659.20. Following the completion of the transaction, the director now directly owns 133,055 shares in the company, valued at $8,707,119.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Steelhammer sold 3,615 shares of the firm’s stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $62.97, for a total transaction of $227,636.55. Following the completion of the transaction, the director now owns 135,235 shares of the company’s stock, valued at $8,515,747.95. The disclosure for this sale can be found here. Company insiders own 5.05% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Prosperity Bancshares by 1.4% during the third quarter. Vanguard Group Inc. now owns 6,511,344 shares of the bank’s stock worth $451,561,000 after purchasing an additional 90,531 shares during the period. BlackRock Inc. boosted its holdings in shares of Prosperity Bancshares by 1.9% during the second quarter. BlackRock Inc. now owns 5,927,378 shares of the bank’s stock worth $405,197,000 after purchasing an additional 108,731 shares during the period. Findlay Park Partners LLP boosted its holdings in shares of Prosperity Bancshares by 15.4% during the third quarter. Findlay Park Partners LLP now owns 3,375,901 shares of the bank’s stock worth $234,119,000 after purchasing an additional 451,326 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 5,391.8% during the third quarter. Victory Capital Management Inc. now owns 2,077,672 shares of the bank’s stock worth $144,086,000 after purchasing an additional 2,039,840 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,731,827 shares of the bank’s stock worth $118,385,000 after purchasing an additional 19,755 shares during the period. Institutional investors and hedge funds own 81.31% of the company’s stock.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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