Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average rating of “Hold” from the seventeen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $69.65.
A number of equities analysts have issued reports on the company. UBS AG cut Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Thursday, July 27th. Raymond James Financial, Inc. restated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Royal Bank Of Canada restated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a report on Friday. Finally, BidaskClub cut Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a report on Sunday, July 16th.
Shares of Prosperity Bancshares (PB) traded up 3.96% during mid-day trading on Tuesday, reaching $61.89. 1,162,523 shares of the company’s stock traded hands. The company has a 50 day moving average of $62.09 and a 200 day moving average of $65.97. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 15.67 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 posted its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.01). The business had revenue of $180.01 million for the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same quarter in the previous year, the company posted $0.98 earnings per share. Analysts expect that Prosperity Bancshares will post $3.96 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s payout ratio is 34.34%.
In related news, Director Robert H. Steelhammer sold 4,000 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $300,000.00. Following the completion of the sale, the director now directly owns 137,800 shares of the company’s stock, valued at $8,268,000. The disclosure for this sale can be found here. Insiders have sold 14,000 shares of company stock worth $864,950 over the last ninety days. 4.93% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Prosperity Bancshares by 17,208.1% in the 1st quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock valued at $509,091,000 after buying an additional 7,260,798 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter valued at $435,000. Trust Department MB Financial Bank N A raised its position in Prosperity Bancshares by 0.7% in the 2nd quarter. Trust Department MB Financial Bank N A now owns 132,874 shares of the bank’s stock valued at $8,536,000 after buying an additional 923 shares during the last quarter. Citadel Advisors LLC purchased a new stake in Prosperity Bancshares in the 1st quarter valued at $1,003,000. Finally, Fox Run Management L.L.C. raised its position in Prosperity Bancshares by 4.8% in the 2nd quarter. Fox Run Management L.L.C. now owns 4,400 shares of the bank’s stock valued at $283,000 after buying an additional 200 shares during the last quarter. 72.90% of the stock is owned by institutional investors and hedge funds.
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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