BidaskClub Downgrades Prosperity Bancshares, Inc. (PB) to Sell

Prosperity Bancshares, Inc. (NYSE:PB) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

A number of other brokerages have also recently issued reports on PB. Zacks Investment Research raised Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a report on Thursday, March 2nd. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Prosperity Bancshares in a report on Thursday, April 6th. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Hovde Group cut Prosperity Bancshares to a “market perform” rating in a report on Monday, February 27th. Finally, Keefe, Bruyette & Woods cut Prosperity Bancshares from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $81.00 to $76.00 in a report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $69.00.

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

Shares of Prosperity Bancshares (NYSE PB) traded down 2.07% on Tuesday, hitting $64.46. The company had a trading volume of 414,598 shares. Prosperity Bancshares has a 1-year low of $44.87 and a 1-year high of $77.87. The company has a 50 day moving average price of $65.58 and a 200 day moving average price of $69.87. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 16.34 and a beta of 1.30.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. The business had revenue of $183.25 million for the quarter, compared to analysts’ expectations of $185.03 million. Prosperity Bancshares had a return on equity of 7.58% and a net margin of 35.04%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 EPS. On average, equities analysts forecast that Prosperity Bancshares will post $4.05 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 16th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.07%. Prosperity Bancshares’s payout ratio is currently 34.43%.

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In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the sale, the director now owns 156,800 shares of the company’s stock, valued at approximately $10,207,680. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.93% of the company’s stock.

Several institutional investors have recently made changes to their positions in PB. Quantbot Technologies LP purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $154,000. PNC Financial Services Group Inc. raised its position in shares of Prosperity Bancshares by 13.7% in the first 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 period. Parametrica Management Ltd purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $207,000. Engineers Gate Manager LP purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $244,000. Finally, OppenheimerFunds Inc. purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $271,000. Hedge funds and other institutional investors own 76.48% 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “PB”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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