ValuEngine upgraded shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a buy rating in a research note published on Saturday morning.
PB has been the topic of a number of other research reports. Deutsche Bank raised their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the stock a hold rating in a report on Friday, May 4th. DA Davidson reduced their target price on Prosperity Bancshares from $80.00 to $77.00 and set a neutral rating on the stock in a report on Thursday, April 26th. Barclays reduced their target price on Prosperity Bancshares from $79.00 to $78.00 and set an overweight rating on the stock in a report on Thursday, April 26th. FIG Partners restated a market-perform rating on shares of Prosperity Bancshares in a report on Monday, April 16th. Finally, Zacks Investment Research upgraded Prosperity Bancshares from a sell rating to a hold rating in a report on Wednesday, April 11th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $74.25.
Shares of PB stock opened at $74.54 on Friday. The stock has a market capitalization of $5.29 billion, a P/E ratio of 18.92, a PEG ratio of 1.63 and a beta of 1.34. Prosperity Bancshares has a 12 month low of $74.46 and a 12 month high of $75.66.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 25th. The bank reported $1.07 EPS for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.07). The firm had revenue of $181.16 million during the quarter, compared to analyst estimates of $180.97 million. Prosperity Bancshares had a return on equity of 7.34% and a net margin of 34.87%. Prosperity Bancshares’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.99 earnings per share. analysts anticipate that Prosperity Bancshares will post 4.65 EPS for the current year.
Prosperity Bancshares declared that its board has authorized a stock buyback plan on Friday, January 19th that allows the company to buyback 3,470,000 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 15th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.55%.
In other news, Director Ned S. Holmes sold 50,000 shares of Prosperity Bancshares stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $74.46, for a total transaction of $3,723,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Randy Hester sold 5,000 shares of Prosperity Bancshares stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $73.13, for a total value of $365,650.00. The disclosure for this sale can be found here. Insiders own 5.05% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $127,000. Icon Wealth Partners LLC acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $177,000. Arvest Bank Trust Division acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $210,000. Gideon Capital Advisors Inc. acquired a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $218,000. Finally, GSA Capital Partners LLP acquired a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $228,000. Institutional investors and hedge funds own 77.26% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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