Prosperity Bancshares Inc. (PB) Now Covered by Analysts at Wedbush
Wedbush began coverage on shares of Prosperity Bancshares Inc. (NYSE:PB) in a research note issued on Thursday. The brokerage set a “neutral” rating on the stock.
Several other brokerages also recently commented on PB. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Monday. Hovde Group raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 target price for the company in a report on Wednesday, June 29th. Finally, Evercore ISI raised Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a report on Thursday, June 9th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $50.58.
Shares of Prosperity Bancshares (NYSE:PB) traded down 0.02% during mid-day trading on Thursday, hitting $55.30. The stock had a trading volume of 220,899 shares. Prosperity Bancshares has a one year low of $33.57 and a one year high of $57.04. The company has a 50-day moving average of $54.20 and a 200 day moving average of $51.40. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 13.93 and a beta of 1.29.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same period last year, the business posted $1.03 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares will post $3.94 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, September 14th. Prosperity Bancshares’s payout ratio is currently 30.15%.
In other news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the transaction, the director now owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $54.00, for a total value of $730,944.00. Following the transaction, the director now directly owns 6,723 shares in the company, valued at approximately $363,042. The disclosure for this sale can be found here. 4.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Glenmede Trust Co. NA raised its position in shares of Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock worth $151,000 after buying an additional 145 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock worth $200,000 after buying an additional 1,677 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Prosperity Bancshares during the second quarter worth approximately $214,000. Salzhauer Michael bought a new position in shares of Prosperity Bancshares during the second quarter worth approximately $226,000. Finally, LaSalle Street Capital Management LLC raised its position in shares of Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock worth $230,000 after buying an additional 152 shares in the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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