Prosperity Bancshares, Inc. (NYSE:PB) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Friday.
Other equities analysts have also issued research reports about the stock. Piper Jaffray Companies reiterated a “hold” rating and issued a $73.50 price objective on shares of Prosperity Bancshares in a report on Friday, July 14th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Finally, UBS AG lowered shares of Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $71.05.
Shares of Prosperity Bancshares (NYSE:PB) traded down $0.11 during trading on Friday, reaching $62.90. 298,700 shares of the company were exchanged, compared to its average volume of 398,334. Prosperity Bancshares has a 12-month low of $55.84 and a 12-month high of $77.87. The stock has a market cap of $4,370.54, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.59 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The firm had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. During the same period in the prior year, the company earned $0.99 EPS. analysts predict that Prosperity Bancshares will post 3.96 EPS for the current year.
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In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $61.51, for a total value of $307,550.00. Following the sale, the director now owns 142,800 shares in the company, valued at approximately $8,783,628. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.93% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Sigma Planning Corp raised its stake in Prosperity Bancshares by 0.5% during the second quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock worth $337,000 after acquiring an additional 26 shares during the period. World Asset Management Inc raised its stake in Prosperity Bancshares by 2.2% during the second quarter. World Asset Management Inc now owns 4,358 shares of the bank’s stock worth $280,000 after acquiring an additional 93 shares during the period. Bank of Montreal Can raised its stake in Prosperity Bancshares by 0.5% during the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock worth $1,348,000 after acquiring an additional 98 shares during the period. Teacher Retirement System of Texas raised its stake in Prosperity Bancshares by 2.2% during the second quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock worth $340,000 after acquiring an additional 114 shares during the period. Finally, Huntington National Bank raised its stake in Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after acquiring an additional 143 shares during the period. Institutional investors and hedge funds own 72.01% of the company’s stock.
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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