Prosperity Bancshares Given “Neutral” Rating at Zacks (PB)
Prosperity Bancshares (NYSE:PB)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Wednesday. They currently have a $64.00 price objective on the stock. Zacks‘s target price indicates a potential upside of 4.40% from the stock’s previous close.
Zacks’ analyst wrote, “Prosperity Bancshares’ first-quarter 2014 earnings outpaced the Zacks Consensus Estimate. Results benefited mainly from increased revenues and lower provision for credit losses, which was however, partly offset by a rise in expenses. Further, while improvement in loan and deposit balances was the tailwind, asset quality was a mixed bag. We believe that synergies from acquisitions and organic expansion will continue to benefit the company going forward. Additionally, a strong balance sheet position will likely enable Prosperity Bancshares to deploy capital meaningfully. However, a still low interest-rate environment, rising operating expenses, significant exposure to the real estate loan portfolio and stringent regulations will likely weigh on the company’s financials in the near term.”
A number of other firms have also recently commented on PB. Analysts at Sterne Agee upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 11th. They now have a $71.00 price target on the stock, up previously from $67.00. Separately, analysts at SunTrust cut their price target on shares of Prosperity Bancshares from $77.00 to $70.00 in a research note on Friday, May 9th. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 30th. They now have a $66.00 price target on the stock, down previously from $68.00. Ten investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $65.90.
Shares of Prosperity Bancshares (NYSE:PB) traded down 0.21% during mid-day trading on Wednesday, hitting $61.17. The stock had a trading volume of 164,817 shares. Prosperity Bancshares has a one year low of $50.51 and a one year high of $67.68. The stock’s 50-day moving average is $59.3 and its 200-day moving average is $61.95. The company has a market cap of $4.265 billion and a P/E ratio of 16.13.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 23rd. The company reported $1.01 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.99 by $0.02. During the same quarter last year, the company posted $0.86 earnings per share. On average, analysts predict that Prosperity Bancshares will post $4.17 earnings per share for the current fiscal year.
Prosperity Bancshares, Inc, incorporated on December 22, 1983, is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (NYSE:PB).
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