Prosperity Bancshares’ (PB) “Buy” Rating Reiterated at SunTrust Banks

Prosperity Bancshares (NYSE:PB)‘s stock had its “buy” rating reissued by equities researchers at SunTrust Banks in a report issued on Thursday. They presently have a $85.00 price target on the bank’s stock. SunTrust Banks’ price objective indicates a potential upside of 10.43% from the company’s current price. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q3 2018 earnings at $1.22 EPS, Q1 2019 earnings at $1.23 EPS, Q2 2019 earnings at $1.26 EPS, Q3 2019 earnings at $1.30 EPS and Q4 2019 earnings at $1.33 EPS.

Several other analysts have also recently commented on the stock. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $79.00 price objective on shares of Prosperity Bancshares in a research note on Friday, December 22nd. ValuEngine downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Barclays raised their target price on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Hovde Group downgraded shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $70.00 to $68.00 in a report on Tuesday, January 2nd. Finally, Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $74.45.

Shares of Prosperity Bancshares (NYSE PB) traded up $0.52 during midday trading on Thursday, hitting $76.97. 423,810 shares of the company traded hands, compared to its average volume of 435,334. Prosperity Bancshares has a 12-month low of $55.84 and a 12-month high of $77.87. The firm has a market capitalization of $5,312.59, a PE ratio of 19.59, a price-to-earnings-growth ratio of 1.63 and a beta of 1.37.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. The company had revenue of $185.27 million during the quarter, compared to analyst estimates of $185.43 million. During the same quarter last year, the business earned $0.99 EPS. sell-side analysts predict that Prosperity Bancshares will post 4.69 earnings per share for the current year.

Prosperity Bancshares declared that its board has authorized a stock buyback plan on Friday, January 19th that allows the company to buyback 3,470,000 shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Large investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in shares of Prosperity Bancshares during the third quarter worth about $105,000. PNC Financial Services Group Inc. grew its holdings in shares of Prosperity Bancshares by 8.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock worth $156,000 after buying an additional 185 shares in the last quarter. Arvest Bank Trust Division purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $210,000. Riverhead Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 42.8% during the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after buying an additional 1,028 shares in the last quarter. Finally, Clinton Group Inc. purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $269,000. Hedge funds and other institutional investors own 76.80% of the company’s stock.

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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.

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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