ValuEngine Upgrades Prosperity Bancshares (PB) to Buy
ValuEngine upgraded shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a buy rating in a research report released on Thursday.
PB has been the subject of a number of other reports. Zacks Investment Research cut Prosperity Bancshares from a hold rating to a sell rating in a research report on Tuesday, October 17th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. SunTrust Banks reaffirmed a buy rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Monday, October 2nd. Royal Bank Of Canada reaffirmed a hold rating and set a $71.00 price objective on shares of Prosperity Bancshares in a research report on Friday, September 8th. Finally, Barclays assumed coverage on Prosperity Bancshares in a report on Thursday, August 3rd. They issued an overweight rating and a $72.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $71.45.
Shares of Prosperity Bancshares (NYSE:PB) opened at $69.83 on Thursday. Prosperity Bancshares has a 1 year low of $55.84 and a 1 year high of $77.87. The firm has a market capitalization of $4,852.07, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.77 and a beta of 1.37.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. The company had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. During the same period last year, the firm earned $0.99 EPS. research analysts predict that Prosperity Bancshares will post 3.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a $0.36 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 34.43%.
Several institutional investors and hedge funds have recently bought and sold shares of PB. Capstone Asset Management Co. lifted its holdings in shares of Prosperity Bancshares by 10.0% in the 2nd quarter. Capstone Asset Management Co. now owns 6,483 shares of the bank’s stock valued at $416,000 after buying an additional 590 shares during the period. Bank of Montreal Can lifted its holdings in shares of Prosperity Bancshares by 0.5% in the 2nd quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock valued at $1,348,000 after buying an additional 98 shares during the period. State Treasurer State of Michigan lifted its holdings in shares of Prosperity Bancshares by 1.4% in the 2nd quarter. State Treasurer State of Michigan now owns 28,600 shares of the bank’s stock valued at $1,837,000 after buying an additional 400 shares during the period. Huntington National Bank lifted its holdings in shares of Prosperity Bancshares by 9.2% in the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Prosperity Bancshares by 2.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 230,320 shares of the bank’s stock valued at $14,796,000 after buying an additional 5,474 shares during the period. 76.92% of the stock is owned by institutional investors and hedge funds.
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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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