Prosperity Bancshares, Inc. (NYSE:PB) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
A number of other research firms also recently weighed in on PB. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Stephens set a $73.00 target price on Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Royal Bank Of Canada reissued a “hold” rating and set a $71.00 target price on shares of Prosperity Bancshares in a research report on Friday, September 8th. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Barclays PLC started coverage on Prosperity Bancshares in a research report on Thursday, August 3rd. They set an “overweight” rating and a $72.00 target price on the stock. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $71.05.
Prosperity Bancshares (NYSE:PB) traded down $0.11 during trading on Friday, hitting $62.90. The stock had a trading volume of 297,135 shares, compared to its average volume of 475,960. The company has a market capitalization of $4,370.00, a price-to-earnings ratio of 15.90, a PEG ratio of 1.59 and a beta of 1.36. Prosperity Bancshares has a twelve month low of $55.84 and a twelve month high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $184.96 million for the quarter, compared to analyst estimates of $185.59 million. Prosperity Bancshares had a return on equity of 7.25% and a net margin of 36.72%. During the same period in the previous year, the company posted $0.99 earnings per share. equities analysts expect that Prosperity Bancshares will post 3.96 EPS for the current year.
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In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now directly owns 137,800 shares of the company’s stock, valued at $8,268,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.93% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc boosted its holdings in Prosperity Bancshares by 8.9% during the third quarter. Legal & General Group Plc now owns 80,493 shares of the bank’s stock valued at $5,290,000 after purchasing an additional 6,584 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Prosperity Bancshares by 1.7% during the third quarter. Nordea Investment Management AB now owns 133,785 shares of the bank’s stock valued at $8,794,000 after purchasing an additional 2,234 shares in the last quarter. Amica Pension Fund Board of Trustees boosted its holdings in Prosperity Bancshares by 24.9% during the third quarter. Amica Pension Fund Board of Trustees now owns 49,114 shares of the bank’s stock valued at $3,228,000 after purchasing an additional 9,777 shares in the last quarter. Amica Mutual Insurance Co. raised its stake in shares of Prosperity Bancshares by 70.9% in the third quarter. Amica Mutual Insurance Co. now owns 67,371 shares of the bank’s stock valued at $4,428,000 after acquiring an additional 27,957 shares during the last quarter. Finally, Amica Retiree Medical Trust raised its stake in shares of Prosperity Bancshares by 22.6% in the third quarter. Amica Retiree Medical Trust now owns 7,475 shares of the bank’s stock valued at $491,000 after acquiring an additional 1,376 shares during the last quarter. 72.01% of the stock is currently owned by institutional investors.
About Prosperity Bancshares
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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