Prosperity Bancshares Inc. (PB) Receives Average Rating of “Hold” from Analysts
Prosperity Bancshares Inc. (NYSE:PB) has earned an average recommendation of “Hold” from the eighteen research firms that are covering the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $52.82.
A number of brokerages have recently issued reports on PB. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Thursday, October 27th. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, October 13th. Deutsche Bank AG lifted their price target on Prosperity Bancshares from $54.00 to $59.00 and gave the company a “hold” rating in a research report on Tuesday, October 11th. Wedbush started coverage on Prosperity Bancshares in a report on Thursday, October 6th. They set a “neutral” rating and a $54.00 price objective on the stock. Finally, SunTrust Banks Inc. started coverage on Prosperity Bancshares in a report on Thursday, October 6th. They set a “neutral” rating on the stock.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the sale, the director now directly owns 6,723 shares in the company, valued at approximately $363,042. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO David Hollaway sold 978 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $55.56, for a total value of $54,337.68. Following the completion of the sale, the chief financial officer now owns 156,510 shares in the company, valued at $8,695,695.60. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.
Several large investors have recently modified their holdings of PB. ProShare Advisors LLC raised its stake in shares of Prosperity Bancshares by 55.5% in the third quarter. ProShare Advisors LLC now owns 155,357 shares of the company’s stock worth $8,528,000 after buying an additional 55,449 shares in the last quarter. Morgan Stanley raised its stake in Prosperity Bancshares by 19.7% in the third quarter. Morgan Stanley now owns 78,212 shares of the company’s stock valued at $4,293,000 after buying an additional 12,889 shares in the last quarter. Pacer Advisors Inc. raised its stake in Prosperity Bancshares by 19.8% in the third quarter. Pacer Advisors Inc. now owns 6,513 shares of the company’s stock valued at $357,000 after buying an additional 1,078 shares in the last quarter. Principal Financial Group Inc. raised its stake in Prosperity Bancshares by 9.8% in the third quarter. Principal Financial Group Inc. now owns 273,246 shares of the company’s stock valued at $14,998,000 after buying an additional 24,375 shares in the last quarter. Finally, Tiverton Asset Management LLC raised its stake in Prosperity Bancshares by 128.8% in the third quarter. Tiverton Asset Management LLC now owns 210,989 shares of the company’s stock valued at $11,581,000 after buying an additional 118,772 shares in the last quarter. Hedge funds and other institutional investors own 80.53% of the company’s stock.
Shares of Prosperity Bancshares (NYSE:PB) opened at 63.47 on Tuesday. The company has a 50-day moving average price of $55.37 and a 200 day moving average price of $52.96. The company has a market capitalization of $4.41 billion, a PE ratio of 16.07 and a beta of 1.19. Prosperity Bancshares has a one year low of $33.57 and a one year high of $63.62.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $0.99 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.99. The firm earned $183.80 million during the quarter, compared to the consensus estimate of $189.25 million. Prosperity Bancshares had a return on equity of 7.83% and a net margin of 34.83%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the company posted $1.01 EPS. Equities analysts anticipate that Prosperity Bancshares will post $3.92 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 16th will be given a $0.34 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.30. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Wednesday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 30.30%.
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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