Stock Buyback Plan Approved by Prosperity Bancshares (PB) Board of Directors
Prosperity Bancshares (NYSE:PB) declared that its Board of Directors has initiated a share repurchase program, which permits the company to repurchase 3,470,000 shares on Friday, January 19th, EventVestor reports. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Shares of Prosperity Bancshares (NYSE PB) traded down $0.20 during trading hours on Friday, hitting $74.26. 454,000 shares of the stock traded hands, compared to its average volume of 481,633. The stock has a market cap of $5,160.00, a P/E ratio of 18.85, a PEG ratio of 1.59 and a beta of 1.37. Prosperity Bancshares has a twelve month low of $55.84 and a twelve month high of $77.87.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. The business had revenue of $184.96 million during the quarter, compared to the consensus estimate of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same quarter in the previous year, the firm earned $0.99 EPS. sell-side analysts predict that Prosperity Bancshares will post 3.95 earnings per share for the current fiscal year.
A number of research analysts recently issued reports on the stock. ValuEngine downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Piper Jaffray Companies reiterated a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Barclays lifted their price target on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Hovde Group downgraded shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Finally, Zacks Investment Research upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Friday, December 29th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $73.27.
TRADEMARK VIOLATION WARNING: This piece was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this piece on another site, it was illegally stolen and republished in violation of US and international trademark and copyright laws. The original version of this piece can be read at https://www.watchlistnews.com/stock-buyback-plan-approved-by-prosperity-bancshares-pb-board-of-directors/1813852.html.
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.
Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.