Prosperity Bancshares, Inc. (NYSE:PB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, October 17th.
According to Zacks, “Shares of Prosperity Bancshares have underperformed the industry in the last six months. The company surpassed the Zacks Consensus Estimate for earnings only in two of the trailing four quarters. Margin pressure (despite improving rate scenario) owing to the company’s liability sensitive balance sheet remains a major concern. Also, the bank’s strategy to grow inorganically may lead to higher merger related charges, resulting in a rise in operating expenses. Nevertheless, growth in loan and deposit balances along with steady improvement asset quality should support profitability.”
PB has been the topic of several other reports. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.50 target price on shares of Prosperity Bancshares in a research note on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research note on Thursday, August 10th. UBS AG downgraded shares of Prosperity Bancshares to an “underperform” rating in a research note on Thursday, August 10th. Finally, BidaskClub downgraded shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $71.05.
Prosperity Bancshares (NYSE PB) traded down $0.52 during midday trading on Tuesday, hitting $65.40. 181,149 shares of the stock traded hands, compared to its average volume of 369,222. Prosperity Bancshares has a 12-month low of $52.81 and a 12-month high of $77.87. The stock has a market cap of $4,580.38, a price-to-earnings ratio of 16.69, a P/E/G ratio of 1.67 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The company had revenue of $184.96 million for the quarter, compared to the consensus estimate of $185.59 million. During the same period in the previous year, the firm earned $0.99 earnings per share. sell-side analysts anticipate that Prosperity Bancshares will post 3.96 earnings per share for the current fiscal year.
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In other news, Director Robert H. Steelhammer sold 5,000 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now owns 137,800 shares in the company, valued at approximately $8,268,000. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 4.93% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its holdings in shares of Prosperity Bancshares by 60.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock valued at $4,572,000 after buying an additional 26,778 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Prosperity Bancshares by 17,208.1% during the 1st quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock valued at $509,091,000 after buying an additional 7,260,798 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Prosperity Bancshares by 45.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock valued at $29,578,000 after buying an additional 140,000 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Prosperity Bancshares by 12.0% during the 2nd quarter. Legal & General Group Plc now owns 73,909 shares of the bank’s stock valued at $4,748,000 after buying an additional 7,917 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $435,000. Hedge funds and other institutional investors own 72.01% of the company’s stock.
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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