Piper Jaffray Companies reaffirmed their hold rating on shares of Prosperity Bancshares (NYSE:PB) in a research report report published on Tuesday, January 9th. They currently have a $73.00 price objective on the bank’s stock.
A number of other brokerages also recently commented on PB. Keefe, Bruyette & Woods reissued a hold rating and issued a $79.00 price objective on shares of Prosperity Bancshares in a research report on Friday, December 22nd. Hovde Group downgraded shares of Prosperity Bancshares from a market perform rating to an underperform rating and dropped their price objective for the company from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Barclays increased their target price on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the company an overweight rating in a research report on Tuesday, January 2nd. ValuEngine downgraded shares of Prosperity Bancshares from a buy rating to a hold rating in a research report on Friday, November 10th. Finally, SunTrust Banks reaffirmed a buy rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Wednesday, November 29th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Prosperity Bancshares presently has a consensus rating of Hold and an average target price of $74.45.
Prosperity Bancshares (PB) traded down $0.69 on Tuesday, reaching $76.28. 436,528 shares of the company were exchanged, compared to its average volume of 452,866. The firm has a market capitalization of $5,300.77, a price-to-earnings ratio of 19.41, a PEG 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 $77.89.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. The firm had revenue of $185.27 million during the quarter, compared to analyst estimates of $185.43 million. During the same quarter in the previous year, the firm earned $0.99 earnings per share. analysts forecast that Prosperity Bancshares will post 4.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.64%.
Prosperity Bancshares declared that its Board of Directors has initiated a share buyback plan on Friday, January 19th that authorizes the company to repurchase 3,470,000 shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Prosperity Bancshares news, CFO David Hollaway sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $76.32, for a total transaction of $381,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $75.15, for a total transaction of $300,600.00. The disclosure for this sale can be found here. Company insiders own 4.93% of the company’s stock.
A number of large investors have recently bought and sold shares of PB. Comerica Bank grew its holdings in shares of Prosperity Bancshares by 24.7% during the fourth quarter. Comerica Bank now owns 243,861 shares of the bank’s stock worth $18,814,000 after buying an additional 48,255 shares in the last quarter. North Star Asset Management Inc. grew its holdings in shares of Prosperity Bancshares by 1.9% during the fourth quarter. North Star Asset Management Inc. now owns 86,265 shares of the bank’s stock worth $6,045,000 after buying an additional 1,630 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Prosperity Bancshares by 3.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 798,884 shares of the bank’s stock worth $55,978,000 after buying an additional 25,115 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Prosperity Bancshares by 39.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock worth $243,000 after buying an additional 980 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 2.3% during the fourth quarter. Mutual of America Capital Management LLC now owns 105,824 shares of the bank’s stock worth $7,415,000 after buying an additional 2,336 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.
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About Prosperity Bancshares
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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