Prosperity Bancshares’ (PB) “Buy” Rating Reaffirmed at SunTrust Banks
Prosperity Bancshares (NYSE:PB)‘s stock had its “buy” rating restated by investment analysts at SunTrust Banks in a report issued on Wednesday. They presently have a $77.00 price target on the bank’s stock. SunTrust Banks’ target price suggests a potential upside of 9.02% from the company’s previous close.
Several other brokerages have also recently weighed in on PB. Barclays initiated coverage on Prosperity Bancshares in a report on Thursday, August 3rd. They issued an “overweight” rating and a $72.00 price objective for the company. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Royal Bank Of Canada restated a “hold” rating and issued a $71.00 price objective on shares of Prosperity Bancshares in a report on Friday, September 8th. Raymond James Financial restated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Finally, UBS cut Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $71.45.
Prosperity Bancshares (PB) traded up $2.77 during mid-day trading on Wednesday, reaching $70.63. The company’s stock had a trading volume of 453,580 shares, compared to its average volume of 465,720. The company has a market cap of $4,530.00, a PE ratio of 16.47, a PEG ratio of 1.65 and a beta of 1.36. Prosperity Bancshares has a 52-week low of $55.84 and a 52-week high of $77.87.
In related news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s 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 directly owns 137,800 shares in the company, valued at approximately $8,268,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.93% of the company’s stock.
A number of hedge funds have recently modified their holdings of PB. Capstone Asset Management Co. lifted its position in Prosperity Bancshares by 10.0% during the second quarter. Capstone Asset Management Co. now owns 6,483 shares of the bank’s stock worth $416,000 after acquiring an additional 590 shares during the last quarter. Bank of Montreal Can lifted its position in Prosperity Bancshares by 0.5% during the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock worth $1,348,000 after acquiring an additional 98 shares during the last quarter. LS Investment Advisors LLC lifted its position in Prosperity Bancshares by 19.8% during the second quarter. LS Investment Advisors LLC now owns 5,546 shares of the bank’s stock worth $356,000 after acquiring an additional 918 shares during the last quarter. State Treasurer State of Michigan lifted its position in Prosperity Bancshares by 1.4% during the second quarter. State Treasurer State of Michigan now owns 28,600 shares of the bank’s stock worth $1,837,000 after acquiring an additional 400 shares during the last quarter. Finally, Huntington National Bank lifted its position in Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after acquiring an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 76.92% of the company’s stock.
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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