Prosperity Bancshares (PB) Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Prosperity Bancshares (NYSE:PB) from a buy rating to a hold rating in a research note issued to investors on Friday, November 10th.

A number of other brokerages have also issued reports on PB. Zacks Investment Research raised Prosperity Bancshares from a sell rating to a hold rating in a research note on Friday, October 27th. SunTrust Banks reissued a buy rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a research report on Monday, October 2nd. Barclays began coverage on Prosperity Bancshares in a research report on Thursday, August 3rd. They issued an overweight rating and a $72.00 price objective for the company. Raymond James Financial reaffirmed an underperform rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Finally, UBS cut Prosperity Bancshares to an underperform rating in a research report on Thursday, August 10th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Prosperity Bancshares presently has a consensus rating of Hold and an average price target of $71.45.

Shares of Prosperity Bancshares (NYSE:PB) traded up $2.77 during trading on Friday, reaching $70.63. The company had a trading volume of 457,300 shares, compared to its average volume of 465,683. The company has a market capitalization of $4,530.00, a price-to-earnings ratio of 16.47, a PEG ratio of 1.65 and a beta of 1.36. Prosperity Bancshares has a 52 week low of $55.84 and a 52 week high of $77.87.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. The business had revenue of $184.96 million during the quarter, compared to analyst estimates of $185.59 million. During the same period last year, the company earned $0.99 EPS. research analysts anticipate that Prosperity Bancshares will post 3.95 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a dividend of $0.36 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s payout ratio is 34.52%.

In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the completion of the sale, the director now directly owns 137,800 shares in the company, valued at $8,268,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.93% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio lifted its holdings in Prosperity Bancshares by 60.3% in the second quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock valued at $4,572,000 after acquiring an additional 26,778 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in Prosperity Bancshares by 45.2% in the third quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock valued at $29,578,000 after acquiring an additional 140,000 shares during the last quarter. Legal & General Group Plc lifted its holdings in Prosperity Bancshares by 12.0% in the second quarter. Legal & General Group Plc now owns 73,909 shares of the bank’s stock valued at $4,748,000 after acquiring an additional 7,917 shares during the last quarter. Royal Bank of Canada lifted its holdings in Prosperity Bancshares by 36.3% in the second quarter. Royal Bank of Canada now owns 6,548 shares of the bank’s stock valued at $421,000 after acquiring an additional 1,745 shares during the last quarter. Finally, Clinton Group Inc. acquired a new position in Prosperity Bancshares during the second quarter worth $269,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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