Trading Report: The Prosperity Bancshares Inc. (PB) Given New $60.00 Price Target at FBR & Co

The Prosperity Bancshares Inc. (PB) Given New $60.00 Price Target at FBR & Co

Prosperity Bancshares Inc. (NYSE:PB) had its target price boosted by FBR & Co from $55.00 to $60.00 in a research note issued to investors on Tuesday morning. FBR & Co currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Prosperity Bancshares from a hold rating to a sell rating in a research report on Wednesday, June 29th. Wedbush assumed coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They set a neutral rating and a $54.00 price objective on the stock. SunTrust Banks Inc. assumed coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They set a neutral rating on the stock. Finally, Hovde Group upgraded shares of Prosperity Bancshares from a market perform rating to an outperform rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $52.08.

Prosperity Bancshares (NYSE:PB) traded down 0.0385% during midday trading on Tuesday, hitting $55.3087. 22,136 shares of the stock traded hands. Prosperity Bancshares has a 52-week low of $33.57 and a 52-week high of $57.04. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 13.9317 and a beta of 1.29. The firm’s 50-day moving average is $54.38 and its 200-day moving average is $51.67.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same quarter in the prior year, the firm posted $1.03 EPS. Analysts predict that Prosperity Bancshares will post $3.94 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend was Wednesday, September 14th. Prosperity Bancshares’s payout ratio is 30.15%.

In related news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the transaction, the director now directly owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total transaction of $730,944.00. Following the completion of the transaction, the director now directly owns 6,723 shares of the company’s stock, valued at $363,042. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Prosperity Bancshares by 2.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,145 shares of the company’s stock valued at $981,000 after buying an additional 575 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Prosperity Bancshares by 90.5% in the first quarter. Prudential Financial Inc. now owns 397,676 shares of the company’s stock valued at $18,448,000 after buying an additional 188,890 shares during the last quarter. BlackRock Inc. raised its position in shares of Prosperity Bancshares by 8.5% in the first quarter. BlackRock Inc. now owns 26,464 shares of the company’s stock valued at $1,227,000 after buying an additional 2,073 shares during the last quarter. BlackRock Group LTD raised its position in shares of Prosperity Bancshares by 23.8% in the first quarter. BlackRock Group LTD now owns 44,374 shares of the company’s stock valued at $2,059,000 after buying an additional 8,529 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Prosperity Bancshares by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,936,296 shares of the company’s stock valued at $89,825,000 after buying an additional 41,238 shares during the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.

About Prosperity Bancshares

Related posts

Leave a Comment