Prosperity Bancshares, Inc. (NYSE:PB) Director Robert H. Steelhammer sold 3,615 shares of the stock in a transaction on Friday, October 26th. The shares were sold at an average price of $62.97, for a total value of $227,636.55. Following the transaction, the director now directly owns 135,235 shares in the company, valued at $8,515,747.95. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Shares of Prosperity Bancshares stock opened at $65.37 on Wednesday. Prosperity Bancshares, Inc. has a one year low of $60.15 and a one year high of $79.20. The firm has a market capitalization of $4.39 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.61 and a beta of 1.35.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 24th. The bank reported $1.18 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.18. Prosperity Bancshares had a return on equity of 7.86% and a net margin of 36.91%. The company had revenue of $187.94 million for the quarter, compared to analysts’ expectations of $189.08 million. During the same period last year, the firm earned $0.98 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 4.59 earnings per share for the current year.
Several research firms have recently weighed in on PB. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 26th. SunTrust Banks lowered their price target on Prosperity Bancshares to $68.00 and set a “buy” rating on the stock in a report on Thursday, October 25th. They noted that the move was a valuation call. Robert W. Baird raised Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a report on Thursday, October 25th. Stephens set a $70.00 price target on Prosperity Bancshares and gave the company a “hold” rating in a report on Wednesday, October 24th. Finally, Morgan Stanley lowered their price target on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 18th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $73.60.
A number of institutional investors have recently made changes to their positions in PB. GSA Capital Partners LLP bought a new position in Prosperity Bancshares in the 1st quarter worth $228,000. Legal & General Group Plc raised its holdings in Prosperity Bancshares by 12.4% in the 1st quarter. Legal & General Group Plc now owns 96,324 shares of the bank’s stock worth $6,996,000 after purchasing an additional 10,635 shares during the period. Xact Kapitalforvaltning AB raised its holdings in Prosperity Bancshares by 34.4% in the 1st quarter. Xact Kapitalforvaltning AB now owns 8,202 shares of the bank’s stock worth $596,000 after purchasing an additional 2,100 shares during the period. Principal Financial Group Inc. raised its holdings in Prosperity Bancshares by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 303,980 shares of the bank’s stock worth $22,078,000 after purchasing an additional 8,590 shares during the period. Finally, Brown Advisory Inc. raised its holdings in Prosperity Bancshares by 1.1% in the 1st quarter. Brown Advisory Inc. now owns 516,268 shares of the bank’s stock worth $37,497,000 after purchasing an additional 5,697 shares during the period. 77.61% of the stock is currently owned by institutional investors.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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