Prosperity Bancshares, Inc. (NYSE:PB) Director Robert H. Steelhammer sold 3,615 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Prosperity Bancshares stock opened at $65.03 on Thursday. Prosperity Bancshares, Inc. has a 12-month low of $60.15 and a 12-month high of $79.20. The firm has a market cap of $4.39 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.65 and a beta of 1.35.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.18. Prosperity Bancshares had a return on equity of 7.86% and a net margin of 36.91%. The business had revenue of $187.94 million during the quarter, compared to the consensus estimate of $189.08 million. During the same quarter in the prior year, the company posted $0.98 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post 4.59 EPS for the current fiscal year.
A number of brokerages have recently weighed in on PB. Stephens set a $70.00 target price on Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, October 24th. SunTrust Banks lowered their target price on Prosperity Bancshares to $68.00 and set a “buy” rating on the stock in a research report on Thursday, October 25th. They noted that the move was a valuation call. Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Morgan Stanley lowered their target price on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 18th. Finally, Hovde Group raised Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 target price on the stock in a research report on Monday, July 9th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $73.60.
Institutional investors have recently made changes to their positions in the stock. Sun Life Financial INC bought a new stake in Prosperity Bancshares during the second quarter worth $127,000. Oppenheimer Asset Management Inc. bought a new stake in Prosperity Bancshares during the third quarter worth $200,000. GWM Advisors LLC bought a new stake in Prosperity Bancshares during the second quarter worth $212,000. GSA Capital Partners LLP bought a new stake in Prosperity Bancshares during the first quarter worth $228,000. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in Prosperity Bancshares during the third quarter worth $222,000. Institutional investors and hedge funds 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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