Prosperity Bancshares, Inc. (NYSE:PB) has been given an average rating of “Hold” by the fifteen ratings firms that are currently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $74.00.
Several equities analysts recently weighed in on PB shares. Hovde Group downgraded 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 note on Tuesday, January 2nd. SunTrust Banks reiterated a “buy” rating and set a $85.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. DA Davidson increased their target price on Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $79.00 target price on shares of Prosperity Bancshares in a report on Friday, December 22nd.
In related news, CFO David Hollaway sold 5,000 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Epps sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total value of $300,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,800 shares of company stock valued at $818,280. Insiders own 4.93% of the company’s stock.
A number of large investors have recently made changes to their positions in PB. Canada Pension Plan Investment Board acquired a new stake in Prosperity Bancshares during the 3rd quarter valued at $105,000. Tower Research Capital LLC TRC purchased a new position in shares of Prosperity Bancshares during the 4th quarter valued at $127,000. PNC Financial Services Group Inc. boosted its holdings in Prosperity Bancshares by 8.3% in the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock worth $156,000 after purchasing an additional 185 shares in the last quarter. Icon Wealth Partners LLC bought a new stake in Prosperity Bancshares in the fourth quarter worth $177,000. Finally, Arvest Bank Trust Division bought a new stake in Prosperity Bancshares in the fourth quarter worth $210,000. 76.63% of the stock is currently owned by institutional investors.
Shares of Prosperity Bancshares (NYSE PB) traded up $2.16 during mid-day trading on Friday, hitting $76.92. The stock had a trading volume of 223,405 shares, compared to its average volume of 443,120. The stock has a market cap of $5,175.69, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 1.56 and a beta of 1.37. Prosperity Bancshares has a fifty-two week low of $55.84 and a fifty-two week high of $77.89.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 24th. 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 return on equity of 7.28% and a net margin of 34.28%. The business had revenue of $185.27 million for the quarter, compared to analysts’ expectations of $185.43 million. During the same period last year, the company posted $0.99 earnings per share. equities research analysts forecast that Prosperity Bancshares will post 4.78 earnings per share for the current year.
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 given a dividend of $0.36 per share. The ex-dividend date is Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.87%. Prosperity Bancshares’s dividend payout ratio is presently 36.64%.
Prosperity Bancshares declared that its Board of Directors has initiated a stock buyback program on Friday, January 19th that allows the company to buyback 3,470,000 shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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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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