Prosperity Bancshares Inc. (PB) Price Target Raised to $59.00 at Deutsche Bank AG
Prosperity Bancshares Inc. (NYSE:PB) had its target price raised by stock analysts at Deutsche Bank AG from $54.00 to $59.00 in a research note issued to investors on Tuesday. The firm presently has a “hold” rating on the stock. Deutsche Bank AG’s price target indicates a potential upside of 6.34% from the company’s previous close.
Several other equities analysts have also recently issued reports on PB. Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a research report on Wednesday, June 29th. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th. Wedbush started coverage on Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating and a $54.00 target price on the stock. SunTrust Banks Inc. started coverage on Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating on the stock. Finally, FBR & Co boosted their target price on Prosperity Bancshares from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. Prosperity Bancshares currently has a consensus rating of “Hold” and an average price target of $52.08.
Shares of Prosperity Bancshares (NYSE:PB) traded down 0.72% on Tuesday, reaching $55.08. The company had a trading volume of 212,903 shares. Prosperity Bancshares has a 52 week low of $33.57 and a 52 week high of $57.04. The company has a 50 day moving average of $54.33 and a 200-day moving average of $51.64. The company has a market capitalization of $3.83 billion, a P/E ratio of 13.87 and a beta of 1.28.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 period last year, the firm posted $1.03 EPS. Analysts predict that Prosperity Bancshares will post $3.94 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is presently 30.15%.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total transaction of $730,944.00. Following the completion of the sale, the director now directly owns 6,723 shares in the company, valued at approximately $363,042. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert H. Steelhammer sold 2,900 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the sale, the director now owns 160,800 shares of the company’s stock, valued at $8,683,200. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA increased its stake 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 during the last quarter. LS Investment Advisors LLC increased its stake in 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. purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $214,000. Salzhauer Michael purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $226,000. Finally, LaSalle Street Capital Management LLC increased its stake in 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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