Prosperity Bancshares, Inc. (NYSE:PB)‘s stock had its “hold” rating reissued by investment analysts at Piper Jaffray Companies in a note issued to investors on Friday. They presently have a $73.50 price target on the bank’s stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 14.10% from the company’s current price.
A number of other analysts have also recently commented on the company. Raymond James Financial, Inc. restated a “market perform” rating on shares of Prosperity Bancshares in a research report on Thursday, April 6th. Keefe, Bruyette & Woods cut Prosperity Bancshares from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $81.00 to $76.00 in a research report on Thursday, April 27th. Wedbush upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price objective for the company in a research report on Friday, May 19th. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and boosted their price objective 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. Finally, ValuEngine upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $71.31.
Prosperity Bancshares (NYSE:PB) opened at 64.42 on Friday. The company has a market capitalization of $4.48 billion, a P/E ratio of 16.33 and a beta of 1.33. Prosperity Bancshares has a 1-year low of $49.46 and a 1-year high of $77.87. The firm has a 50-day moving average price of $64.75 and a 200 day moving average price of $69.50.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 26th. The bank reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.02. The business had revenue of $183.25 million during 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 business’s revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 earnings per share. On average, equities analysts predict that Prosperity Bancshares will post $4.05 EPS for the current year.
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In other news, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total value of $257,400.00. Following the sale, the director now directly owns 147,800 shares of the company’s stock, valued at $9,510,930. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Steelhammer sold 10,000 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the sale, the director now directly owns 156,800 shares in the company, valued at $10,207,680. The disclosure for this sale can be found here. Insiders own 4.93% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $40,295,000. USA Financial Portformulas Corp purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $491,000. Teachers Advisors LLC raised its stake in shares of Prosperity Bancshares by 3.2% in the fourth quarter. Teachers Advisors LLC now owns 110,767 shares of the bank’s stock worth $7,951,000 after buying an additional 3,410 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Prosperity Bancshares by 2.1% in the fourth quarter. Macquarie Group Ltd. now owns 1,303,199 shares of the bank’s stock worth $93,544,000 after buying an additional 26,533 shares in the last quarter. Finally, Foundry Partners LLC raised its stake in shares of Prosperity Bancshares by 3.2% in the first quarter. Foundry Partners LLC now owns 103,191 shares of the bank’s stock worth $7,193,000 after buying an additional 3,243 shares in the last quarter. 76.07% of the stock is currently owned by hedge funds and other institutional investors.
About Prosperity Bancshares
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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