Royal Bank Of Canada Reiterates Hold Rating for Prosperity Bancshares, Inc. (PB)
Prosperity Bancshares, Inc. (NYSE:PB)‘s stock had its “hold” rating restated by investment analysts at Royal Bank Of Canada in a report released on Friday. They currently have a $71.00 price objective on the bank’s stock. Royal Bank Of Canada’s target price points to a potential upside of 23.69% from the stock’s previous close.
PB has been the subject of several other reports. Piper Jaffray Companies reissued a “hold” rating and set a $73.50 target price on shares of Prosperity Bancshares in a research note on Friday, July 14th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $63.00 to $65.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. UBS AG lowered shares of Prosperity Bancshares to an “underperform” rating in a research note on Thursday, August 10th. Finally, Raymond James Financial, Inc. reissued an “underperform” rating on shares of Prosperity Bancshares in a research note on Thursday, August 10th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $71.23.
Prosperity Bancshares (NYSE PB) opened at 57.40 on Friday. The company’s 50 day moving average price is $62.23 and its 200 day moving average price is $66.22. The firm has a market capitalization of $3.99 billion, a P/E ratio of 14.53 and a beta of 1.34. Prosperity Bancshares has a 12 month low of $52.19 and a 12 month high of $77.87.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The business had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. During the same period in the prior year, the company earned $0.98 earnings per share. Analysts anticipate that Prosperity Bancshares will post $3.96 EPS for the current year.
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In related news, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the completion of the sale, the director now owns 147,800 shares in the company, valued at approximately $9,510,930. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $61.51, for a total transaction of $307,550.00. Following the completion of the sale, the director now owns 142,800 shares of the company’s stock, valued at approximately $8,783,628. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,000 shares of company stock valued at $864,950. 4.93% of the stock is owned by insiders.
Several large investors have recently modified their holdings of PB. Huntington National Bank increased its stake in 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. Pacad Investment Ltd. acquired a new position in Prosperity Bancshares in the 2nd quarter valued at approximately $109,000. Quantbot Technologies LP acquired a new position in Prosperity Bancshares in the 1st quarter valued at approximately $154,000. PNC Financial Services Group Inc. increased its stake in Prosperity Bancshares by 13.7% in the 1st 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. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Prosperity Bancshares by 17.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after buying an additional 369 shares during the period. Institutional investors and hedge funds own 72.90% 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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