Prosperity Bancshares, Inc. (PB) Receives Consensus Recommendation of “Hold” from Brokerages
Prosperity Bancshares, Inc. (NYSE:PB) has received an average recommendation of “Hold” from the fifteen brokerages that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $71.05.
A number of equities analysts recently weighed in on PB shares. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Royal Bank Of Canada reissued a “hold” rating and set a $71.00 price objective on shares of Prosperity Bancshares in a report on Friday, September 8th. SunTrust Banks, Inc. reissued a “buy” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Monday, October 2nd. Finally, Stephens set a $73.00 price objective on Prosperity Bancshares and gave the company a “hold” rating in a report on Wednesday, July 26th.
In other news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the sale, the director now directly owns 137,800 shares in the company, valued at approximately $8,268,000. The sale was disclosed in a filing with the SEC, which is available through this link. 4.93% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Prosperity Bancshares during the third quarter valued at approximately $105,000. Huntington National Bank boosted its position in shares of Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after purchasing an additional 143 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $109,000. PNC Financial Services Group Inc. boosted its position in shares of Prosperity Bancshares by 13.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after purchasing an additional 269 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Prosperity Bancshares by 17.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after purchasing an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.02. The company had revenue of $184.96 million for the quarter, compared to analysts’ expectations of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same period last year, the firm posted $0.99 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a $0.36 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 34.43%.
Prosperity Bancshares Company Profile
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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