ValuEngine lowered shares of Prosperity Bancshares, Inc. (NYSE:PB) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
A number of other equities analysts have also commented on PB. Stephens set a $73.00 price target on Prosperity Bancshares and gave the stock a hold rating in a report on Wednesday, July 26th. Barclays PLC started coverage on Prosperity Bancshares in a report on Thursday, August 3rd. They issued an overweight rating and a $72.00 price target for the company. BidaskClub lowered Prosperity Bancshares from a sell rating to a strong sell rating in a report on Sunday, July 16th. Zacks Investment Research lowered Prosperity Bancshares from a hold rating to a sell rating in a report on Tuesday, September 26th. Finally, Royal Bank Of Canada reaffirmed a hold rating and issued a $71.00 price target on shares of Prosperity Bancshares in a report on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and an average price target of $71.05.
Shares of Prosperity Bancshares (NYSE PB) opened at $64.94 on Friday. Prosperity Bancshares has a 52-week low of $55.84 and a 52-week high of $77.87. The stock has a market capitalization of $4,370.54, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 1.59 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. The business had revenue of $184.96 million during the quarter, compared to the consensus estimate of $185.59 million. During the same period last year, the business posted $0.99 earnings per share. analysts anticipate that Prosperity Bancshares will post 3.96 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a dividend of $0.36 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, December 14th. This represents a $1.44 annualized dividend and a yield of 2.22%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 34.43%.
In related news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the director now owns 137,800 shares of the company’s stock, valued at $8,268,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.93% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of PB. OppenheimerFunds Inc. bought a new stake in Prosperity Bancshares during the first quarter worth about $271,000. Teachers Advisors LLC lifted its stake in Prosperity Bancshares by 3.1% during the first quarter. Teachers Advisors LLC now owns 114,228 shares of the bank’s stock worth $7,963,000 after purchasing an additional 3,461 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Prosperity Bancshares by 13.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after purchasing an additional 269 shares during the last quarter. KCG Holdings Inc. bought a new stake in Prosperity Bancshares during the first quarter worth about $448,000. Finally, Public Employees Retirement System of Ohio lifted its stake in Prosperity Bancshares by 0.7% during the first quarter. Public Employees Retirement System of Ohio now owns 44,392 shares of the bank’s stock worth $3,095,000 after purchasing an additional 291 shares during the last quarter. 72.37% of the stock is owned by hedge funds and other institutional investors.
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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