Prosperity Bancshares Inc. (NYSE:PB) had its price objective hoisted by Deutsche Bank AG from $54.00 to $59.00 in a research note issued to investors on Tuesday morning. Deutsche Bank AG currently has a hold rating on the stock.
A number of other research analysts have also recently commented on PB. Hovde Group raised Prosperity Bancshares from a market perform rating to an outperform rating and set a $54.00 target price on the stock in a research note on Wednesday, June 29th. Zacks Investment Research lowered Prosperity Bancshares from a hold rating to a sell rating in a report on Wednesday, June 29th. Wedbush started coverage on Prosperity Bancshares in a report on Thursday, October 6th. They issued a neutral rating and a $54.00 price target for the company. SunTrust Banks Inc. started coverage on Prosperity Bancshares in a report on Thursday, October 6th. They issued a neutral rating for the company. Finally, FBR & Co upgraded Prosperity Bancshares from a market perform rating to an outperform rating and boosted their price target for the company from $55.00 to $60.00 in a report on Tuesday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $52.08.
Shares of Prosperity Bancshares (NYSE:PB) opened at 53.65 on Tuesday. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 13.51 and a beta of 1.29. Prosperity Bancshares has a 12-month low of $33.57 and a 12-month high of $57.04. The firm has a 50 day moving average price of $54.43 and a 200-day moving average price of $51.71.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same period in the prior year, the firm posted $1.03 EPS. On average, equities analysts expect 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. Stockholders 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 dividend yield of 2.24%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s payout ratio is presently 30.15%.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total transaction of $730,944.00. Following the transaction, the director now directly owns 6,723 shares of the company’s stock, valued at $363,042. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the transaction, the director now directly owns 160,800 shares in the company, valued at $8,683,200. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.
Several institutional investors have recently modified their holdings of PB. Glenmede Trust Co. NA increased its position in Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock valued at $151,000 after buying an additional 145 shares during 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 valued at $200,000 after buying an additional 1,677 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Prosperity Bancshares during the second quarter valued at about $214,000. Salzhauer Michael purchased a new position in Prosperity Bancshares during the second quarter valued at about $226,000. Finally, 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 valued at $230,000 after buying an additional 152 shares during the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.
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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