ValuEngine lowered shares of Prosperity Bancshares (NYSE:PB) from a buy rating to a hold rating in a research note published on Wednesday, January 10th.
A number of other equities research analysts have also recently commented on PB. SunTrust Banks reiterated a buy rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research report on Monday, October 2nd. Zacks Investment Research cut shares of Prosperity Bancshares from a hold rating to a sell rating in a research report on Tuesday, September 26th. Piper Jaffray Companies reiterated a hold rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. Barclays raised their price objective on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the stock an overweight rating in a research report on Tuesday, January 2nd. Finally, Hovde Group cut shares of Prosperity Bancshares from a market perform rating to an underperform rating and cut their price objective for the stock from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $74.45.
Shares of Prosperity Bancshares (NYSE:PB) opened at $72.66 on Wednesday. Prosperity Bancshares has a twelve month low of $55.84 and a twelve month high of $77.89. The company has a market cap of $5,300.00, a price-to-earnings ratio of 18.54, a PEG ratio of 1.59 and a beta of 1.37.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The firm had revenue of $185.27 million for the quarter, compared to analysts’ expectations of $185.43 million. Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. During the same period last year, the company posted $0.99 earnings per share. analysts predict that Prosperity Bancshares will post 4.81 EPS for the current year.
Prosperity Bancshares declared that its board has approved a stock buyback plan on Friday, January 19th that allows the company to repurchase 3,470,000 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed 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 1.98%. The ex-dividend date of this dividend is Thursday, March 15th. Prosperity Bancshares’s payout ratio is 36.73%.
In other news, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $75.15, for a total value of $300,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Hollaway sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total transaction of $381,600.00. The disclosure for this sale can be found here. Company insiders own 4.93% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its position in shares of Prosperity Bancshares by 108.1% during the 3rd quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock worth $128,701,000 after buying an additional 1,017,115 shares during the last quarter. Koch Industries Inc. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $333,000. Deprince Race & Zollo Inc. lifted its position in shares of Prosperity Bancshares by 59.5% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock worth $45,020,000 after buying an additional 255,384 shares during the last quarter. FMR LLC lifted its position in shares of Prosperity Bancshares by 14.5% during the 2nd quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock worth $127,255,000 after buying an additional 251,330 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Prosperity Bancshares by 3,568.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock worth $12,532,000 after buying an additional 185,472 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.
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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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