Prosperity Bancshares (NYSE:PB) announced that its Board of Directors has authorized a share repurchase plan, which authorizes the company to buyback 3,470,000 shares on Friday, January 19th, EventVestor reports. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
A number of brokerages have weighed in on PB. SunTrust Banks reiterated a “buy” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research report on Wednesday, November 29th. ValuEngine cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Piper Jaffray Companies reiterated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. Finally, Hovde Group cut shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Four research analysts have rated the stock with a sell rating, seven have issued 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 target price of $73.27.
Shares of Prosperity Bancshares (NYSE PB) traded down $0.20 during mid-day trading on Friday, hitting $74.26. 454,000 shares of the company were exchanged, compared to its average volume of 481,633. The firm has a market capitalization of $5,160.00, a PE ratio of 18.85, a P/E/G ratio of 1.59 and a beta of 1.37. Prosperity Bancshares has a 52-week low of $55.84 and a 52-week high of $77.87.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The firm had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same quarter in the previous year, the business posted $0.99 earnings per share. sell-side analysts expect that Prosperity Bancshares will post 3.95 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 15th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.94%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s payout ratio is 36.55%.
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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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