Prosperity Bancshares Inc. (PB) Stock Rating Lowered by Wedbush
Prosperity Bancshares Inc. (NYSE:PB) was downgraded by research analysts at Wedbush to an “underperform” rating in a research note issued on Thursday.
A number of other brokerages have also weighed in on PB. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, October 3rd. SunTrust Banks Inc. initiated coverage on Prosperity Bancshares in a research report on Thursday, October 6th. They issued a “neutral” rating for the company. Hovde Group lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Monday. Deutsche Bank AG boosted their target price on Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a research report on Tuesday, October 11th. Finally, FBR & Co raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and upped their price target for the company from $55.00 to $60.00 in a research report on Tuesday, October 11th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.08.
Prosperity Bancshares (NYSE:PB) opened at 64.38 on Thursday. The stock has a 50 day moving average of $56.32 and a 200-day moving average of $53.24. Prosperity Bancshares has a 52-week low of $33.57 and a 52-week high of $66.23. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 16.30 and a beta of 1.19.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 26th. The company reported $0.99 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.99. Prosperity Bancshares had a return on equity of 7.83% and a net margin of 34.83%. The business earned $183.80 million during the quarter, compared to analyst estimates of $189.25 million. During the same quarter in the previous year, the firm earned $1.01 EPS. Prosperity Bancshares’s revenue was down 2.2% on a year-over-year basis. On average, equities research analysts anticipate that Prosperity Bancshares will post $3.92 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.11%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, December 14th. Prosperity Bancshares’s dividend payout ratio is presently 30.30%.
In other Prosperity Bancshares news, CFO David Hollaway sold 978 shares of the company’s 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 transaction, the chief financial officer now directly owns 156,510 shares in the company, valued at approximately $8,695,695.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harrison Stafford II sold 2,000 shares of the company’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 value of $110,000.00. Following the completion of the transaction, the director now owns 103,900 shares of the company’s stock, valued at $5,714,500. The disclosure for this sale can be found here. 4.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of PB. Kwmg LLC increased its position in Prosperity Bancshares by 9.0% in the second quarter. Kwmg LLC now owns 13,247 shares of the company’s stock worth $675,000 after buying an additional 1,095 shares in the last quarter. LS Investment Advisors LLC increased its position 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 in the last quarter. LaSalle Street Capital Management LLC increased its position 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 in the last quarter. Albert D Mason Inc. increased its position in Prosperity Bancshares by 0.4% in the second quarter. Albert D Mason Inc. now owns 49,066 shares of the company’s stock worth $2,502,000 after buying an additional 210 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Prosperity Bancshares during the second quarter worth approximately $214,000. Institutional investors and hedge funds own 81.48% 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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