Prosperity Bancshares (NYSE:PB) Price Target Lowered to $80.00 at SunTrust Banks

Prosperity Bancshares (NYSE:PB) had its price target trimmed by SunTrust Banks from $81.00 to $80.00 in a research report released on Friday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the bank’s stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q3 2019 earnings at $1.18 EPS, Q2 2020 earnings at $1.28 EPS, Q3 2020 earnings at $1.35 EPS, Q4 2020 earnings at $1.34 EPS and FY2020 earnings at $5.20 EPS.

Several other research firms have also weighed in on PB. Zacks Investment Research upgraded shares of Prosperity Bancshares from a sell rating to a hold rating and set a $72.00 target price on the stock in a report on Tuesday, September 10th. Stephens set a $74.00 target price on shares of Prosperity Bancshares and gave the company a hold rating in a report on Monday, June 17th. Raymond James upgraded shares of Prosperity Bancshares from an underperform rating to a market perform rating and set a $62.71 target price on the stock in a report on Tuesday, June 18th. Finally, Sanford C. Bernstein lowered shares of Prosperity Bancshares from a mkt perform rating to an underperform rating in a report on Tuesday, May 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $73.10.

NYSE:PB opened at $71.61 on Friday. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.75 and a beta of 1.36. The company’s 50-day moving average is $65.95 and its two-hundred day moving average is $68.62. Prosperity Bancshares has a 1-year low of $57.01 and a 1-year high of $75.36.



Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.18 earnings per share for the quarter, meeting the consensus estimate of $1.18. The company had revenue of $184.80 million for the quarter, compared to analyst estimates of $186.94 million. Prosperity Bancshares had a net margin of 38.27% and a return on equity of 8.12%. During the same period in the previous year, the business posted $1.17 EPS. Sell-side analysts anticipate that Prosperity Bancshares will post 4.74 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.41 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.64 annualized dividend and a dividend yield of 2.29%. Prosperity Bancshares’s dividend payout ratio is currently 35.57%.

In other news, EVP Robert J. Dowdell sold 7,600 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $65.45, for a total value of $497,420.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman H E. Timanus, Jr. acquired 10,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $64.39 per share, for a total transaction of $643,900.00. Following the completion of the acquisition, the insider now owns 148,837 shares in the company, valued at approximately $9,583,614.43. The disclosure for this purchase can be found here. Corporate insiders own 4.86% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan lifted its holdings in shares of Prosperity Bancshares by 1.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 12,270 shares of the bank’s stock worth $810,000 after acquiring an additional 170 shares during the last quarter. Van Hulzen Asset Management LLC lifted its holdings in Prosperity Bancshares by 3.0% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 6,900 shares of the bank’s stock worth $456,000 after buying an additional 200 shares in the last quarter. Advisor Group Inc. lifted its holdings in Prosperity Bancshares by 6.8% during the 2nd quarter. Advisor Group Inc. now owns 3,541 shares of the bank’s stock worth $234,000 after buying an additional 227 shares in the last quarter. Stephens Inc. AR lifted its holdings in Prosperity Bancshares by 8.9% during the 1st quarter. Stephens Inc. AR now owns 3,728 shares of the bank’s stock worth $257,000 after buying an additional 305 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its holdings in Prosperity Bancshares by 32.9% during the 2nd quarter. Benjamin Edwards Inc. now owns 1,364 shares of the bank’s stock worth $90,000 after buying an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 83.45% 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.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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