Brokerages Set Prosperity Bancshares Inc. (NYSE:PB) Target Price at $51.00
Shares of Prosperity Bancshares Inc. (NYSE:PB) have earned an average rating of “Hold” from the eighteen ratings firms that are currently covering the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $51.27.
PB has been the topic of several research analyst reports. Zacks Investment Research raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Monday. Hovde Group raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday, June 29th. Evercore ISI raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Thursday, June 9th. SunTrust Banks Inc. initiated coverage on shares of Prosperity Bancshares in a research report on Thursday. They set a “neutral” rating on the stock. Finally, Wedbush initiated coverage on shares of Prosperity Bancshares in a research report on Thursday. They set a “neutral” rating and a $54.00 price target on the stock.
Shares of Prosperity Bancshares (NYSE:PB) opened at 55.30 on Tuesday. The stock has a market capitalization of $3.84 billion, a P/E ratio of 13.93 and a beta of 1.29. Prosperity Bancshares has a one year low of $33.57 and a one year high of $57.04. The firm’s 50-day moving average price is $54.25 and its 200-day moving average price is $51.43.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing the consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same quarter in the prior year, the firm posted $1.03 EPS. Equities research analysts anticipate that Prosperity Bancshares will post $3.94 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 16th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.17%. Prosperity Bancshares’s dividend payout ratio is presently 30.15%.
In related news, Director Perry Mueller, Jr. sold 13,536 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total transaction of $730,944.00. Following the transaction, the director now owns 6,723 shares in the company, valued at $363,042. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Steelhammer sold 2,900 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were 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 in the company, valued at approximately $8,683,200. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PB. Glenmede Trust Co. NA raised its position in 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 boosted its stake 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 during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $214,000. Salzhauer Michael acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $226,000. Finally, LaSalle Street Capital Management LLC boosted its stake 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 during the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.
About Prosperity Bancshares
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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