Prosperity Bancshares Inc. (NYSE:PB) was upgraded by equities researchers at FBR & Co from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday. The firm presently has a $60.00 target price on the stock, up from their previous target price of $55.00. FBR & Co’s price objective would suggest a potential upside of 8.17% from the company’s previous close.
A number of other equities analysts have also issued reports on the stock. Hovde Group upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a research report on Wednesday, June 29th. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. SunTrust Banks Inc. initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating on the stock. Finally, Wedbush initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating and a $54.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $52.08.
Shares of Prosperity Bancshares (NYSE:PB) opened at 55.47 on Tuesday. The company has a 50-day moving average of $54.43 and a 200 day moving average of $51.69. Prosperity Bancshares has a one year low of $33.57 and a one year high of $57.04. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of 13.97 and a beta of 1.29.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same quarter in the previous year, the business earned $1.03 EPS. On average, equities analysts forecast that Prosperity Bancshares will post $3.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 30.15%.
In related news, Director Perry Mueller, Jr. sold 13,536 shares of Prosperity Bancshares stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $54.00, for a total transaction of $730,944.00. Following the completion of the sale, the director now owns 6,723 shares in the company, valued at approximately $363,042. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of Prosperity Bancshares stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the sale, the director now owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Prosperity Bancshares by 4.3% in the second quarter. Vanguard Group Inc. now owns 5,293,252 shares of the company’s stock worth $269,903,000 after buying an additional 219,156 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in Prosperity Bancshares by 40,913.9% in the second quarter. Riverhead Capital Management LLC now owns 5,000,000 shares of the company’s stock worth $5,012,000 after buying an additional 4,987,809 shares in the last quarter. State Street Corp boosted its stake in Prosperity Bancshares by 2.3% in the first quarter. State Street Corp now owns 3,077,423 shares of the company’s stock worth $142,763,000 after buying an additional 70,233 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Prosperity Bancshares by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,958,826 shares of the company’s stock worth $99,881,000 after buying an additional 22,530 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock worth $87,859,000 after buying an additional 361,881 shares in the last quarter. Hedge funds and other institutional investors own 80.30% of the company’s stock.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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