Prosperity Bancshares Inc. (PB) Price Target Raised to $59.00 at Deutsche Bank AG
Prosperity Bancshares Inc. (NYSE:PB) had its price objective boosted by equities researchers at Deutsche Bank AG from $54.00 to $59.00 in a report released on Tuesday. The brokerage presently has a “hold” rating on the stock. Deutsche Bank AG’s price objective indicates a potential upside of 6.34% from the company’s current price.
PB has been the topic of several other research reports. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, October 3rd. Hovde Group upgraded shares of 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. SunTrust Banks Inc. initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They issued a “neutral” rating on the stock. Wedbush initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They issued a “neutral” rating and a $54.00 price target on the stock. Finally, FBR & Co lifted their price target on shares of Prosperity Bancshares from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $52.08.
Prosperity Bancshares (NYSE:PB) traded down 0.72% during mid-day trading on Tuesday, hitting $55.08. The stock had a trading volume of 212,903 shares. The stock has a market cap of $3.83 billion, a PE ratio of 13.87 and a beta of 1.28. Prosperity Bancshares has a one year low of $33.57 and a one year high of $57.04. The firm’s 50-day moving average is $54.33 and its 200 day moving average is $51.64.
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Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 quarter last year, the business posted $1.03 earnings per share. Equities research analysts expect that Prosperity Bancshares will post $3.94 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.16%. Prosperity Bancshares’s dividend payout ratio is currently 30.15%.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total transaction of $730,944.00. Following the transaction, the director now owns 6,723 shares in the company, valued at approximately $363,042. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total transaction of $156,600.00. Following the transaction, the director now owns 160,800 shares in the company, valued at approximately $8,683,200. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. increased its position in Prosperity Bancshares by 11.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 32,710 shares of the company’s stock worth $1,517,000 after buying an additional 3,480 shares in the last quarter. Hancock Holding Co. increased its position in shares of Prosperity Bancshares by 1.3% in the first quarter. Hancock Holding Co. now owns 158,545 shares of the company’s stock valued at $7,355,000 after buying an additional 2,060 shares during the period. Geode Capital Management LLC increased its position in shares of Prosperity Bancshares by 3.5% in the first quarter. Geode Capital Management LLC now owns 428,570 shares of the company’s stock valued at $19,881,000 after buying an additional 14,530 shares during the period. Loomis Sayles & Co. L P increased its position in shares of Prosperity Bancshares by 5.6% in the first quarter. Loomis Sayles & Co. L P now owns 996,508 shares of the company’s stock valued at $46,228,000 after buying an additional 52,678 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock valued at $87,859,000 after buying an additional 361,881 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.
Prosperity Bancshares Company Profile
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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