Prosperity Bancshares, Inc. (PB) Downgraded by ValuEngine to “Hold”
Prosperity Bancshares, Inc. (NYSE:PB) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
Several other equities research analysts have also issued reports on the stock. 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. Stephens set a $73.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Royal Bank of Canada restated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research report on Friday, September 8th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Barclays PLC initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, August 3rd. They set an “overweight” rating and a $72.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $71.05.
Prosperity Bancshares (PB) traded down $0.11 during mid-day trading on Friday, hitting $62.90. 298,700 shares of the stock traded hands, compared to its average volume of 475,960. Prosperity Bancshares has a twelve month low of $55.84 and a twelve month high of $77.87. The stock has a market cap of $4,378.19, a price-to-earnings ratio of 15.95, a P/E/G ratio of 1.59 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The business had revenue of $184.96 million for the quarter, compared to analyst estimates of $185.59 million. During the same period in the prior year, the company posted $0.99 EPS. equities research analysts expect that Prosperity Bancshares will post 3.96 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY WARNING: This piece of content was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/11/11/prosperity-bancshares-inc-pb-downgraded-by-valuengine-to-hold.html.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $300,000.00. Following the completion of the sale, the director now owns 137,800 shares in the company, valued at approximately $8,268,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.93% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in PB. Janus Henderson Group PLC acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at about $60,440,000. Koch Industries Inc. acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at about $333,000. Deprince Race & Zollo Inc. raised its holdings in Prosperity Bancshares by 59.5% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock valued at $45,020,000 after acquiring an additional 255,384 shares during the last quarter. FMR LLC raised its holdings in Prosperity Bancshares by 14.5% in the 2nd quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock valued at $127,255,000 after acquiring an additional 251,330 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Prosperity Bancshares by 45.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock worth $29,578,000 after buying an additional 140,000 shares during the last quarter. Institutional investors own 72.01% 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Prosperity Bancshares Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares Inc. and related companies with MarketBeat.com's FREE daily email newsletter.