Barclays lowered shares of Prosperity Bancshares (NYSE:PB) from an overweight rating to an equal weight rating in a research note issued to investors on Thursday morning, MarketBeat.com reports. The firm currently has $71.00 price target on the bank’s stock.
Other analysts have also recently issued research reports about the company. SunTrust Banks decreased their target price on Prosperity Bancshares to $68.00 and set a buy rating on the stock in a report on Thursday, October 25th. They noted that the move was a valuation call. Morgan Stanley decreased their target price on Prosperity Bancshares from $75.00 to $73.00 and set an equal weight rating on the stock in a report on Tuesday, September 18th. Stephens set a $70.00 target price on Prosperity Bancshares and gave the stock a hold rating in a report on Wednesday, October 24th. Zacks Investment Research upgraded Prosperity Bancshares from a sell rating to a hold rating in a report on Friday, October 26th. Finally, Hovde Group upgraded Prosperity Bancshares from a market perform rating to an outperform rating and set a $70.00 price target on the stock in a report on Wednesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. Prosperity Bancshares currently has a consensus rating of Hold and an average target price of $71.57.
Shares of PB stock opened at $67.07 on Thursday. The firm has a market cap of $4.69 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29. Prosperity Bancshares has a 52 week low of $57.01 and a 52 week high of $79.20.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 24th. The bank reported $1.18 EPS for the quarter, hitting the consensus estimate of $1.18. The company had revenue of $187.94 million for the quarter, compared to analysts’ expectations of $189.08 million. Prosperity Bancshares had a return on equity of 7.86% and a net margin of 36.91%. During the same quarter in the prior year, the business earned $0.98 earnings per share. On average, research analysts expect that Prosperity Bancshares will post 4.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Saturday, December 15th were issued a $0.41 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Thursday, December 13th. This represents a $1.64 annualized dividend and a yield of 2.45%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.62%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 3,615 shares of the firm’s stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $62.97, for a total transaction of $227,636.55. Following the transaction, the director now owns 135,235 shares in the company, valued at $8,515,747.95. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman H E. Timanus, Jr. bought 5,000 shares of Prosperity Bancshares stock in a transaction on Monday, December 24th. The shares were bought at an average price of $57.65 per share, for a total transaction of $288,250.00. Following the acquisition, the insider now owns 147,447 shares of the company’s stock, valued at approximately $8,500,319.55. The disclosure for this purchase can be found here. 5.05% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Oppenheimer Asset Management Inc. acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at approximately $200,000. Benjamin F. Edwards & Company Inc. acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at approximately $222,000. WINTON GROUP Ltd acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at approximately $228,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at approximately $244,000. Finally, PNC Financial Services Group Inc. raised its position in Prosperity Bancshares by 43.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 4,276 shares of the bank’s stock valued at $296,000 after buying an additional 1,290 shares during the last quarter. 81.26% of the stock is currently owned by institutional investors.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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