Prosperity Bancshares, Inc. (NYSE:PB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Shares of Prosperity Bancshares have underperformed the industry in the past year. The company surpassed the Zacks Consensus Estimate for earnings only in two of the trailing four quarters. Margin pressure (despite improving rate scenario) owing to the company’s liability sensitive balance sheet remains a major concern. Also, the bank’s strategy to grow inorganically may lead to higher merger related charges, resulting in a rise in operating expenses. Nevertheless, growth in loan and deposit balances should support profitability. Also, improving asset quality is a positive for the company. Given a strong capital position, the company is expected to continue enhancing shareholder value through efficient capital deployment activities.”
A number of other research analysts have also recently issued reports on the company. SunTrust Banks, Inc. reissued a “buy” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research note on Monday. Royal Bank Of Canada restated a “hold” rating and issued a $71.00 price target on shares of Prosperity Bancshares in a report on Friday, September 8th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Raymond James Financial, Inc. restated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Finally, UBS AG lowered Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $69.95.
Prosperity Bancshares (PB) opened at 63.99 on Tuesday. The company has a 50 day moving average price of $61.23 and a 200-day moving average price of $64.61. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 16.20 and a beta of 1.36. Prosperity Bancshares has a 52-week low of $52.81 and a 52-week high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its 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). Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The business had revenue of $180.01 million during the quarter, compared to analyst estimates of $187.13 million. During the same period in the previous year, the firm posted $0.98 earnings per share. Equities research analysts anticipate that Prosperity Bancshares will post $3.96 EPS for the current year.
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In related news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now owns 137,800 shares in the company, valued at $8,268,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.93% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PB. Huntington National Bank raised its holdings in Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after acquiring an additional 143 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Prosperity Bancshares during the second quarter worth about $109,000. Quantbot Technologies LP bought a new stake in Prosperity Bancshares during the first quarter worth about $154,000. PNC Financial Services Group Inc. raised its holdings 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 acquiring an additional 269 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Prosperity Bancshares by 17.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after acquiring an additional 369 shares in the last quarter. Institutional investors and hedge funds own 72.88% of the company’s stock.
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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