Keefe, Bruyette & Woods Reaffirms Hold Rating for Prosperity Bancshares (PB)
PB has been the topic of a number of other reports. SunTrust Banks restated a buy rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Monday, October 2nd. Zacks Investment Research downgraded Prosperity Bancshares from a hold rating to a sell rating in a research report on Tuesday, September 26th. ValuEngine upgraded Prosperity Bancshares from a hold rating to a buy rating in a research report on Thursday, November 30th. Finally, Royal Bank of Canada restated a hold rating and set a $71.00 price objective on shares of Prosperity Bancshares in a research report on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $72.05.
Prosperity Bancshares (NYSE PB) opened at $71.75 on Friday. Prosperity Bancshares has a one year low of $55.84 and a one year high of $77.87. The firm has a market capitalization of $4,960.00, a price-to-earnings ratio of 18.21, a PEG ratio of 1.83 and a beta of 1.37.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.02. The company had revenue of $184.96 million during the quarter, compared to analyst estimates of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same quarter in the previous year, the company posted $0.99 earnings per share. analysts forecast that Prosperity Bancshares will post 3.95 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.44 annualized dividend and a yield of 2.01%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s dividend payout ratio is 36.55%.
A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Janus Henderson Group PLC lifted its holdings 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 valued at $128,701,000 after purchasing an additional 1,017,115 shares during the last quarter. Koch Industries Inc. purchased a new position in Prosperity Bancshares in the 2nd quarter worth $333,000. Deprince Race & Zollo Inc. raised its stake in Prosperity Bancshares by 59.5% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock worth $45,020,000 after acquiring an additional 255,384 shares during the last quarter. FMR LLC raised its stake in Prosperity Bancshares by 14.5% in the 2nd quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock worth $127,255,000 after acquiring an additional 251,330 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Prosperity Bancshares by 3,568.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock worth $12,532,000 after acquiring an additional 185,472 shares during the last quarter. 76.80% of the stock is currently owned by institutional investors and hedge funds.
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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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