SunTrust Banks, Inc. Reaffirms Buy Rating for Prosperity Bancshares, Inc. (PB)
SunTrust Banks, Inc. restated their buy rating on shares of Prosperity Bancshares, Inc. (NYSE:PB) in a research note published on Monday. SunTrust Banks, Inc. currently has a $73.00 price objective on the bank’s stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q3 2017 earnings at $0.99 EPS.
A number of other equities analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Prosperity Bancshares from a hold rating to a sell rating in a research note on Tuesday, September 26th. Royal Bank Of Canada restated a hold rating and issued a $71.00 target price on shares of Prosperity Bancshares in a research note on Friday, September 8th. Keefe, Bruyette & Woods restated a hold rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Raymond James Financial, Inc. restated an underperform rating on shares of Prosperity Bancshares in a research note on Thursday, August 10th. Finally, UBS AG downgraded shares of Prosperity Bancshares to an underperform rating in a research note on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Prosperity Bancshares presently has an average rating of Hold and a consensus price target of $69.95.
Shares of Prosperity Bancshares (NYSE:PB) opened at 63.99 on Monday. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 16.20 and a beta of 1.36. The firm has a 50-day moving average of $61.23 and a 200 day moving average of $64.61. Prosperity Bancshares has a one year low of $52.81 and a one year high of $77.87.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The company had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same quarter in the prior year, the company earned $0.98 earnings per share. On average, equities research analysts predict that Prosperity Bancshares will post $3.96 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.13%. Prosperity Bancshares’s dividend payout ratio is presently 34.34%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the transaction, the director now directly owns 137,800 shares in the company, valued at $8,268,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.93% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Prosperity Bancshares by 17,208.1% during the first quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock valued at $509,091,000 after acquiring an additional 7,260,798 shares during the last quarter. Legal & General Group Plc lifted its position in Prosperity Bancshares by 12.0% during the second quarter. Legal & General Group Plc now owns 73,909 shares of the bank’s stock valued at $4,748,000 after acquiring an additional 7,917 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Prosperity Bancshares during the second quarter valued at approximately $435,000. Trust Department MB Financial Bank N A lifted its position in Prosperity Bancshares by 0.7% during the second quarter. Trust Department MB Financial Bank N A now owns 132,874 shares of the bank’s stock valued at $8,536,000 after acquiring an additional 923 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in Prosperity Bancshares during the first quarter valued at approximately $1,003,000. 72.88% of the stock is owned by institutional investors.
Prosperity Bancshares Company Profile
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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