Prosperity Bancshares (PB) Price Target Lowered to $70.00 at DA Davidson

Prosperity Bancshares (NYSE:PB) had its price objective decreased by DA Davidson to $70.00 in a research note published on Monday morning, The Fly reports. DA Davidson currently has a neutral rating on the bank’s stock.

PB has been the subject of a number of other reports. FIG Partners reissued a market-perform rating on shares of Prosperity Bancshares in a research note on Monday, April 16th. ValuEngine lowered shares of Prosperity Bancshares from a buy rating to a hold rating in a research report on Saturday, June 2nd. Zacks Investment Research lowered shares of Prosperity Bancshares from a hold rating to a sell rating in a research report on Tuesday, March 27th. Barclays decreased their target price on shares of Prosperity Bancshares from $79.00 to $78.00 and set an overweight rating on the stock in a research report on Thursday, April 26th. Finally, Deutsche Bank raised their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock a hold rating in a research report on Friday, May 4th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Prosperity Bancshares currently has a consensus rating of Hold and an average price target of $75.20.

Shares of Prosperity Bancshares opened at $70.73 on Monday, according to Marketbeat Ratings. Prosperity Bancshares has a 1-year low of $55.84 and a 1-year high of $79.20. The company has a market cap of $4.98 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 1.54 and a beta of 1.31.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 25th. The bank reported $1.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.07). Prosperity Bancshares had a return on equity of 7.34% and a net margin of 34.87%. The business had revenue of $181.16 million for the quarter, compared to analysts’ expectations of $180.97 million. During the same period last year, the business earned $0.99 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. research analysts predict that Prosperity Bancshares will post 4.63 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, June 14th. This represents a $1.44 dividend on an annualized basis and a yield of 2.04%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 36.55%.

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

Institutional investors and hedge funds have recently made changes to their positions in the business. Brown Advisory Inc. lifted its holdings in shares of Prosperity Bancshares by 3.0% during the 4th quarter. Brown Advisory Inc. now owns 510,571 shares of the bank’s stock valued at $35,775,000 after acquiring an additional 14,762 shares in the last quarter. Citadel Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 120.5% during the 4th quarter. Citadel Advisors LLC now owns 23,984 shares of the bank’s stock valued at $1,681,000 after acquiring an additional 13,105 shares in the last quarter. New Mexico Educational Retirement Board acquired a new position in shares of Prosperity Bancshares during the 4th quarter valued at $1,205,000. MetLife Investment Advisors LLC acquired a new position in shares of Prosperity Bancshares during the 4th quarter valued at $3,081,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Prosperity Bancshares by 0.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,015,328 shares of the bank’s stock valued at $71,145,000 after acquiring an additional 8,779 shares in the last quarter. Institutional investors own 77.61% of the company’s stock.

Prosperity Bancshares Company Profile

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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