Prosperity Bancshares (NYSE:PB) Price Target Lowered to $68.00 at SunTrust Banks

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Prosperity Bancshares (NYSE:PB) had its target price decreased by SunTrust Banks to $68.00 in a report issued on Thursday, October 25th, The Fly reports. SunTrust Banks currently has a buy rating on the bank’s stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q1 2019 earnings at $1.19 EPS, Q3 2019 earnings at $1.25 EPS and FY2019 earnings at $4.95 EPS. The analysts noted that the move was a valuation call.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird raised Prosperity Bancshares from a neutral rating to an outperform rating in a research note on Thursday, October 25th. Stephens set a $70.00 price objective on Prosperity Bancshares and gave the stock a hold rating in a research note on Wednesday, October 24th. Zacks Investment Research cut Prosperity Bancshares from a hold rating to a sell rating in a research note on Wednesday, October 10th. Morgan Stanley decreased their price objective on Prosperity Bancshares from $75.00 to $73.00 and set an equal weight rating for the company in a research note on Tuesday, September 18th. Finally, Hovde Group raised Prosperity Bancshares from an underperform rating to a market perform rating and set a $70.00 price objective for the company in a research note on Monday, July 9th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $73.60.

Shares of NYSE PB traded down $0.69 during midday trading on Thursday, hitting $69.13. The stock had a trading volume of 409,892 shares, compared to its average volume of 586,980. The stock has a market capitalization of $4.80 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 1.76 and a beta of 1.32. Prosperity Bancshares has a fifty-two week low of $60.15 and a fifty-two week high of $79.20.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 24th. The bank reported $1.18 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.18. The company had revenue of $187.94 million during the quarter, compared to analysts’ expectations of $189.08 million. Prosperity Bancshares had a return on equity of 7.86% and a net margin of 36.91%. During the same period last year, the firm earned $0.98 EPS. As a group, equities research analysts forecast that Prosperity Bancshares will post 4.59 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Saturday, December 15th will be issued a dividend of $0.41 per share. The ex-dividend date is Thursday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.36. This represents a $1.64 annualized dividend and a yield of 2.37%. Prosperity Bancshares’s payout ratio is currently 36.55%.

In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,180 shares of Prosperity Bancshares stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $65.44, for a total transaction of $142,659.20. Following the transaction, the director now directly owns 133,055 shares in the company, valued at $8,707,119.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Leah Henderson sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $76.09, for a total value of $76,090.00. Following the completion of the sale, the director now owns 1,050 shares in the company, valued at $79,894.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,795 shares of company stock worth $446,386. Corporate insiders own 5.05% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Prosperity Bancshares by 1.9% in the second quarter. BlackRock Inc. now owns 5,927,378 shares of the bank’s stock valued at $405,197,000 after acquiring an additional 108,731 shares during the last quarter. Findlay Park Partners LLP increased its position in shares of Prosperity Bancshares by 15.4% in the third quarter. Findlay Park Partners LLP now owns 3,375,901 shares of the bank’s stock valued at $234,119,000 after acquiring an additional 451,326 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Prosperity Bancshares by 5,391.8% in the third quarter. Victory Capital Management Inc. now owns 2,077,672 shares of the bank’s stock valued at $144,086,000 after acquiring an additional 2,039,840 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Prosperity Bancshares by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,731,827 shares of the bank’s stock valued at $118,385,000 after acquiring an additional 19,755 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Prosperity Bancshares by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 843,053 shares of the bank’s stock valued at $57,631,000 after acquiring an additional 26,835 shares during the last quarter. 77.77% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: What are trading strategies for the 52-week high/low?

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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