According to Zacks, “Prosperity Bancshares’ exposure in energy sector loans is expected to continue to hamper its credit quality. Further, mounting expenses remain a major headwind. Also, with the company continuously growing inorganically, merger and integration charges are expected to remain on the higher side. However, the company's organic growth story remains healthy, driven by steady rise in loan and deposits balances. Also, given its strong balance sheet position, the company is well positioned to expand further through acquisitions.”
A number of other research analysts also recently weighed in on PB. Compass Point began coverage on shares of Prosperity Bancshares in a research report on Tuesday, June 7th. They issued a neutral rating and a $50.00 price objective for the company. Evercore ISI upgraded shares of Prosperity Bancshares from a hold rating to a buy rating and set a $60.00 price target for the company in a research report on Thursday, June 9th. Finally, Hovde Group upgraded shares of Prosperity Bancshares from a market perform rating to an outperform rating and set a $54.00 price target for the company in a research report on Wednesday, June 29th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Prosperity Bancshares currently has a consensus rating of Hold and an average price target of $50.58.
Shares of Prosperity Bancshares (NYSE:PB) opened at 53.43 on Tuesday. Prosperity Bancshares has a 12-month low of $33.57 and a 12-month high of $57.04. The company has a market capitalization of $3.71 billion, a PE ratio of 13.46 and a beta of 1.33. The firm’s 50-day moving average price is $53.96 and its 200-day moving average price is $51.09.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share 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 last year, the company posted $1.03 earnings per share. On average, analysts expect that Prosperity Bancshares will post $3.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 16th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.25%. Prosperity Bancshares’s dividend payout ratio (DPR) is 30.15%.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the sale, the director now owns 6,723 shares of the company’s stock, valued at approximately $363,042. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $54.00, for a total transaction of $156,600.00. Following the completion of the sale, the director now directly 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 currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Sigma Planning Corp boosted its position in Prosperity Bancshares by 0.7% in the second quarter. Sigma Planning Corp now owns 5,219 shares of the company’s stock worth $266,000 after buying an additional 35 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Prosperity Bancshares by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 47,313 shares of the company’s stock worth $2,412,000 after buying an additional 134 shares during the last quarter. Glenmede Trust Co. NA boosted its position in Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock worth $151,000 after buying an additional 145 shares during the last quarter. LaSalle Street Capital Management LLC boosted its position in Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock worth $230,000 after buying an additional 152 shares during the last quarter. Finally, Albert D Mason Inc. boosted its position in Prosperity Bancshares by 0.4% in the second quarter. Albert D Mason Inc. now owns 49,066 shares of the company’s stock worth $2,502,000 after buying an additional 210 shares during the last quarter. 80.30% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Prosperity Bancshares Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares Inc. and related companies with MarketBeat.com's FREE daily email newsletter.