Prosperity Bancshares Inc. (PB) Upgraded by FBR & Co to “Outperform”
Prosperity Bancshares Inc. (NYSE:PB) was upgraded by equities researchers at FBR & Co from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $60.00 price target on the stock, up from their previous price target of $55.00. FBR & Co’s price target indicates a potential upside of 8.17% from the stock’s current price.
A number of other equities research analysts have also commented on the company. SunTrust Banks Inc. assumed coverage on Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating on the stock. Wedbush assumed coverage on Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating and a $54.00 price target on the stock. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, October 3rd. Finally, Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday, June 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus price target of $52.08.
Shares of Prosperity Bancshares (NYSE:PB) traded up 0.25% during midday trading on Tuesday, hitting $55.47. The stock had a trading volume of 181,431 shares. Prosperity Bancshares has a 52 week low of $33.57 and a 52 week high of $57.04. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 13.97 and a beta of 1.29. The stock has a 50 day moving average price of $54.38 and a 200-day moving average price of $51.67.
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Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same period in the prior year, the business earned $1.03 EPS. Equities research analysts anticipate that Prosperity Bancshares will post $3.94 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 30.15%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the completion of the transaction, the director now owns 160,800 shares in the company, valued at approximately $8,683,200. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the transaction, the director now owns 6,723 shares of the company’s stock, valued at approximately $363,042. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in PB. Glenmede Trust Co. NA boosted its position in shares of Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock valued at $151,000 after buying an additional 145 shares during the last quarter. LS Investment Advisors LLC boosted its position in shares of Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock valued at $200,000 after buying an additional 1,677 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Prosperity Bancshares during the second quarter valued at $214,000. Salzhauer Michael bought a new position in shares of Prosperity Bancshares during the second quarter valued at $226,000. Finally, LaSalle Street Capital Management LLC boosted its position in shares of Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock valued at $230,000 after buying an additional 152 shares during the last quarter. Institutional investors own 80.30% of the company’s stock.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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