Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares (NYSE:PB - Free Report) in a report issued on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $85.00 price objective on the bank's stock.
A number of other brokerages have also recently issued reports on PB. Royal Bank of Canada cut their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Barclays reduced their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Hovde Group lowered their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $83.80.
View Our Latest Report on Prosperity Bancshares
Prosperity Bancshares Trading Down 0.2%
Shares of PB traded down $0.12 during midday trading on Wednesday, reaching $69.80. The stock had a trading volume of 551,425 shares, compared to its average volume of 588,976. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. The company's 50-day moving average is $68.89 and its 200 day moving average is $74.97. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.76.
Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Prosperity Bancshares's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 EPS. Research analysts forecast that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.32%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.
Insider Activity at Prosperity Bancshares
In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total transaction of $31,810.00. Following the transaction, the director now owns 102,815 shares in the company, valued at $6,541,090.30. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 6,600 shares of company stock worth $460,409 over the last quarter. 4.20% of the stock is owned by corporate insiders.
Institutional Trading of Prosperity Bancshares
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock valued at $736,923,000 after purchasing an additional 44,567 shares during the period. Dimensional Fund Advisors LP raised its holdings in Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after purchasing an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Prosperity Bancshares by 14.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock valued at $230,739,000 after buying an additional 412,283 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Prosperity Bancshares by 1.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after buying an additional 32,917 shares during the period. Finally, Snyder Capital Management L P boosted its holdings in shares of Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after buying an additional 83,488 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.
About Prosperity Bancshares
(
Get Free Report)
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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