Prosperity Bancshares, Inc. (PB) Receives Average Rating of “Hold” from Analysts
Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Hold” from the fourteen ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $69.07.
A number of research analysts have recently commented on PB shares. UBS AG downgraded Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, April 6th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Prosperity Bancshares in a report on Thursday, April 6th. Keefe, Bruyette & Woods downgraded Prosperity Bancshares from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $81.00 to $76.00 in a report on Thursday, April 27th. Wedbush upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price objective on the stock in a report on Friday, May 19th. Finally, ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, May 24th.
Shares of Prosperity Bancshares (NYSE PB) traded up 1.42% during midday trading on Monday, hitting $65.20. The stock had a trading volume of 544,313 shares. The stock has a market cap of $4.53 billion, a PE ratio of 16.53 and a beta of 1.33. Prosperity Bancshares has a one year low of $49.46 and a one year high of $77.87. The firm has a 50 day moving average price of $64.82 and a 200 day moving average price of $68.80.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 26th. The bank reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. Prosperity Bancshares had a return on equity of 7.58% and a net margin of 35.04%. The business had revenue of $183.25 million for the quarter, compared to the consensus estimate of $185.03 million. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities analysts forecast that Prosperity Bancshares will post $4.05 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Friday, June 16th were paid a dividend of $0.34 per share. The ex-dividend date was Wednesday, June 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.09%. Prosperity Bancshares’s dividend payout ratio is presently 34.43%.
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In related news, Director Robert H. Steelhammer sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total transaction of $257,400.00. Following the transaction, the director now owns 147,800 shares in the company, valued at approximately $9,510,930. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. Steelhammer sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the transaction, the director now owns 156,800 shares in the company, valued at approximately $10,207,680. The disclosure for this sale can be found here. Company insiders own 4.93% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank increased its position in shares of Prosperity Bancshares by 9.2% in the second 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. Quantbot Technologies LP bought a new position in shares of Prosperity Bancshares during the first quarter valued at $154,000. PNC Financial Services Group Inc. increased its position in shares of Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares during the period. Parametrica Management Ltd bought a new position in shares of Prosperity Bancshares during the first quarter valued at $207,000. Finally, Engineers Gate Manager LP bought a new position in shares of Prosperity Bancshares during the first quarter valued at $244,000. Institutional investors own 75.43% of the company’s stock.
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.
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