Prosperity Bancshares Inc. (PB) Stock Rating Lowered by Hovde Group
Prosperity Bancshares Inc. (NYSE:PB) was downgraded by stock analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued on Monday.
PB has been the subject of several other research reports. Wedbush began coverage on shares of Prosperity Bancshares in a research note on Thursday, October 6th. They issued a “neutral” rating and a $54.00 price objective for the company. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Thursday, October 27th. FBR & Co upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $55.00 to $60.00 in a research note on Tuesday, October 11th. Deutsche Bank AG lifted their price objective on shares of Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a research note on Tuesday, October 11th. Finally, Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $52.08.
Shares of Prosperity Bancshares (NYSE:PB) opened at 63.47 on Monday. The company has a 50-day moving average of $55.37 and a 200-day moving average of $52.96. Prosperity Bancshares has a one year low of $33.57 and a one year high of $63.62. The company has a market capitalization of $4.41 billion, a PE ratio of 16.07 and a beta of 1.19.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $0.99 earnings per share for the quarter, hitting the consensus estimate of $0.99. Prosperity Bancshares had a net margin of 34.83% and a return on equity of 7.83%. The business earned $183.80 million during the quarter, compared to analysts’ expectations of $189.25 million. During the same quarter in the previous year, the company earned $1.01 EPS. The business’s revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that Prosperity Bancshares will post $3.92 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.14%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, December 14th. Prosperity Bancshares’s payout ratio is presently 30.30%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,900 shares of the business’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 sale, the director now directly owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harrison Stafford II sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $55.00, for a total transaction of $110,000.00. Following the sale, the director now directly owns 103,900 shares in the company, valued at $5,714,500. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
Large investors have recently bought and sold shares of the company. ProShare Advisors LLC raised its stake in 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 during 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 worth $4,293,000 after buying an additional 12,889 shares during 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 worth $357,000 after buying an additional 1,078 shares during 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 worth $14,998,000 after buying an additional 24,375 shares during 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 worth $11,581,000 after buying an additional 118,772 shares during the last quarter. 81.48% of the stock is currently owned by hedge funds and other institutional investors.
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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