Shares of Prosperity Bancshares Inc. (NYSE:PB) have been given an average rating of “Hold” by the eighteen analysts that are presently covering the firm. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $51.27.
PB has been the subject of several recent research reports. Evercore ISI upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a report on Thursday, June 9th. Hovde Group raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday, June 29th. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th. Wedbush initiated coverage on shares of Prosperity Bancshares in a research report on Thursday. They set a “neutral” rating and a $54.00 price target on the stock. Finally, SunTrust Banks Inc. initiated coverage on shares of Prosperity Bancshares in a research report on Thursday. They set a “neutral” rating on the stock.
Prosperity Bancshares (NYSE:PB) opened at 55.30 on Tuesday. Prosperity Bancshares has a 12-month low of $33.57 and a 12-month high of $57.04. The stock’s 50 day moving average is $54.25 and its 200-day moving average is $51.43. The company has a market cap of $3.84 billion, a P/E ratio of 13.93 and a beta of 1.29.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 27th. The company reported $0.98 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 quarter 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. Investors of record on Friday, September 16th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is 30.15%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction dated 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 in the company, valued at $8,683,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $54.00, for a total transaction of $730,944.00. Following the sale, the director now owns 6,723 shares in the company, valued at $363,042. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Glenmede Trust Co. NA increased its stake in shares of 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 shares of 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 shares of Prosperity Bancshares during the second quarter worth about $214,000. Salzhauer Michael purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $226,000. Finally, LaSalle Street Capital Management LLC increased its stake in shares of 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. Hedge funds and other institutional investors 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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