Royal Bank Of Canada Reiterates “Hold” Rating for Prosperity Bancshares, Inc. (PB)
Royal Bank Of Canada reiterated their hold rating on shares of Prosperity Bancshares, Inc. (NYSE:PB) in a research report sent to investors on Friday. The firm currently has a $71.00 price target on the bank’s stock.
PB has been the subject of a number of other research reports. Piper Jaffray Companies reiterated a hold rating and issued a $73.50 price target on shares of Prosperity Bancshares in a research report on Friday, July 14th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Morgan Stanley upgraded Prosperity Bancshares from an underweight rating to an equal weight rating and increased their price target for the company from $63.00 to $65.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. UBS AG lowered Prosperity Bancshares to an underperform rating in a research report on Thursday, August 10th. Finally, Raymond James Financial, Inc. reiterated an underperform rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. Prosperity Bancshares currently has an average rating of Hold and a consensus target price of $71.23.
Prosperity Bancshares (PB) opened at 59.53 on Friday. The firm has a 50-day moving average of $62.17 and a 200-day moving average of $66.02. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 15.07 and a beta of 1.34. Prosperity Bancshares has a 12-month low of $52.19 and a 12-month high of $77.87.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The company had revenue of $180.01 million during the quarter, compared to analyst estimates of $187.13 million. During the same quarter last year, the business earned $0.98 EPS. Equities research analysts forecast that Prosperity Bancshares will post $3.96 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.28%. Prosperity Bancshares’s payout ratio is presently 34.34%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $61.51, for a total transaction of $307,550.00. Following the completion of the sale, the director now directly owns 142,800 shares in the company, valued at approximately $8,783,628. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the sale, the director now owns 147,800 shares of the company’s stock, valued at $9,510,930. The disclosure for this sale can be found here. Insiders have sold a total of 14,000 shares of company stock valued at $864,950 over the last 90 days. Corporate insiders own 4.93% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Huntington National Bank lifted its holdings in shares of Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares during the last quarter. Pacad Investment Ltd. acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at about $109,000. Quantbot Technologies LP acquired a new stake in shares of Prosperity Bancshares during the 1st quarter valued at about $154,000. PNC Financial Services Group Inc. lifted its holdings in shares of Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after buying an additional 369 shares during the last quarter. Institutional investors and hedge funds own 72.90% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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