Prosperity Bancshares (NYSE:PB) Rating Lowered to Hold at ValuEngine

Prosperity Bancshares (NYSE:PB) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Wednesday, May 2nd.

PB has been the topic of a number of other research reports. FIG Partners restated a “market-perform” rating on shares of Prosperity Bancshares in a research report on Monday, April 16th. Barclays boosted their price target on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Piper Jaffray reiterated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. DA Davidson reduced their price target on shares of Prosperity Bancshares from $80.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, April 26th. Finally, Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $74.25.

Prosperity Bancshares traded down $0.13, hitting $74.51, during mid-day trading on Wednesday, MarketBeat reports. The company’s stock had a trading volume of 2,473 shares, compared to its average volume of 397,955. Prosperity Bancshares has a 12 month low of $74.14 and a 12 month high of $74.66. The company has a market capitalization of $5.23 billion, a PE ratio of 18.94, a P/E/G ratio of 1.62 and a beta of 1.34.



Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 25th. The bank reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.07). Prosperity Bancshares had a net margin of 34.87% and a return on equity of 7.34%. The firm had revenue of $181.16 million during the quarter, compared to analysts’ expectations of $180.97 million. During the same quarter in the previous year, the firm posted $0.99 EPS. Prosperity Bancshares’s revenue was down 1.1% compared to the same quarter last year. analysts predict that Prosperity Bancshares will post 4.63 earnings per share for the current year.

Prosperity Bancshares announced that its Board of Directors has authorized a share buyback program on Friday, January 19th that allows the company to repurchase 3,470,000 outstanding shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

In other Prosperity Bancshares news, insider Randy Hester sold 5,000 shares of the company’s stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $73.13, for a total value of $365,650.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ned S. Holmes sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $74.46, for a total transaction of $3,723,000.00. The disclosure for this sale can be found here. 5.05% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC bought a new position in shares of Prosperity Bancshares in the fourth quarter worth approximately $127,000. Icon Wealth Partners LLC bought a new position in shares of Prosperity Bancshares in the fourth quarter worth approximately $177,000. Arvest Bank Trust Division bought a new position in shares of Prosperity Bancshares in the fourth quarter worth approximately $210,000. Gideon Capital Advisors Inc. bought a new position in shares of Prosperity Bancshares in the first quarter worth approximately $218,000. Finally, GSA Capital Partners LLP bought a new position in shares of Prosperity Bancshares in the first quarter worth approximately $228,000. Institutional investors and hedge funds own 77.26% of the company’s stock.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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