Prosperity Bancshares (NYSE:PB) Price Target Cut to $80.00 by Analysts at SunTrust Banks

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Prosperity Bancshares (NYSE:PB) had its price objective decreased by SunTrust Banks from $81.00 to $80.00 in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. SunTrust Banks currently has a buy rating on the bank’s stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q3 2019 earnings at $1.18 EPS, Q2 2020 earnings at $1.28 EPS, Q3 2020 earnings at $1.35 EPS, Q4 2020 earnings at $1.34 EPS and FY2020 earnings at $5.20 EPS.

PB has been the topic of several other research reports. Raymond James raised Prosperity Bancshares from an underperform rating to a market perform rating and set a $62.71 price objective on the stock in a research note on Tuesday, June 18th. Sanford C. Bernstein downgraded Prosperity Bancshares from a mkt perform rating to an underperform rating in a research note on Tuesday, May 28th. Stephens set a $74.00 price objective on Prosperity Bancshares and gave the stock a hold rating in a research note on Monday, June 17th. Finally, Zacks Investment Research raised Prosperity Bancshares from a sell rating to a hold rating and set a $72.00 price objective on the stock in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $73.10.

Shares of NYSE:PB opened at $71.04 on Friday. The stock has a market capitalization of $4.86 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.75 and a beta of 1.36. The stock’s 50-day simple moving average is $65.86 and its two-hundred day simple moving average is $68.66. Prosperity Bancshares has a 52-week low of $57.01 and a 52-week high of $75.36.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.18. The business had revenue of $184.80 million for the quarter, compared to analysts’ expectations of $186.94 million. Prosperity Bancshares had a return on equity of 8.12% and a net margin of 38.27%. During the same period last year, the firm posted $1.17 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares will post 4.74 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.31%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 35.57%.

In related news, EVP Robert J. Dowdell sold 7,600 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $65.45, for a total transaction of $497,420.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman H E. Timanus, Jr. purchased 10,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $64.39 per share, with a total value of $643,900.00. Following the acquisition, the insider now directly owns 148,837 shares in the company, valued at $9,583,614.43. The disclosure for this purchase can be found here. 4.86% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hancock Whitney Corp grew its holdings in Prosperity Bancshares by 0.7% during the 2nd quarter. Hancock Whitney Corp now owns 83,553 shares of the bank’s stock valued at $5,519,000 after buying an additional 616 shares in the last quarter. Atria Investments LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at approximately $386,000. Royal Bank of Canada grew its holdings in Prosperity Bancshares by 47.5% during the 2nd quarter. Royal Bank of Canada now owns 6,971 shares of the bank’s stock valued at $461,000 after buying an additional 2,246 shares in the last quarter. Schroder Investment Management Group purchased a new position in Prosperity Bancshares during the 2nd quarter valued at approximately $3,049,000. Finally, Nuveen Asset Management LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at approximately $10,266,000. Institutional investors and hedge funds own 83.45% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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