SunTrust Banks Cuts Prosperity Bancshares (NYSE:PB) Price Target to $72.00

Prosperity Bancshares (NYSE:PB) had its price objective reduced by SunTrust Banks from $80.00 to $72.00 in a report released on Thursday morning, BenzingaRatingsTable reports. They currently have a buy rating on the bank’s stock.

A number of other analysts have also issued reports on PB. Royal Bank of Canada boosted their target price on shares of Prosperity Bancshares from $62.00 to $63.00 and gave the company a sector perform rating in a research note on Thursday. Wedbush lowered shares of Prosperity Bancshares from an outperform rating to a neutral rating and boosted their target price for the company from $67.00 to $72.00 in a research note on Tuesday, June 9th. ValuEngine lowered shares of Prosperity Bancshares from a hold rating to a sell rating in a research note on Friday, May 22nd. Morgan Stanley boosted their target price on shares of Prosperity Bancshares from $63.00 to $67.00 and gave the company an equal weight rating in a research note on Monday, June 8th. Finally, TheStreet lowered shares of Prosperity Bancshares from a b- rating to a c+ rating in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $69.50.

NYSE PB traded down $0.91 on Thursday, hitting $55.56. 1,080,787 shares of the stock were exchanged, compared to its average volume of 528,735. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.79. The stock has a fifty day moving average price of $57.73 and a two-hundred day moving average price of $60.38. The firm has a market capitalization of $5.15 billion, a P/E ratio of 11.11, a P/E/G ratio of 1.06 and a beta of 1.47. Prosperity Bancshares has a 52-week low of $42.02 and a 52-week high of $75.22.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.41 EPS for the quarter, topping the consensus estimate of $1.13 by $0.28. The company had revenue of $284.63 million during the quarter, compared to analyst estimates of $279.04 million. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. During the same period in the previous year, the firm earned $1.18 earnings per share. Sell-side analysts expect that Prosperity Bancshares will post 5.3 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Monday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.65%.

Several institutional investors and hedge funds have recently modified their holdings of the business. Piedmont Investment Advisors Inc. increased its stake in Prosperity Bancshares by 2.3% in the first quarter. Piedmont Investment Advisors Inc. now owns 8,078 shares of the bank’s stock valued at $390,000 after purchasing an additional 181 shares during the last quarter. Steward Partners Investment Advisory LLC increased its stake in Prosperity Bancshares by 24.2% in the first quarter. Steward Partners Investment Advisory LLC now owns 1,246 shares of the bank’s stock valued at $60,000 after purchasing an additional 243 shares during the last quarter. HighTower Advisors LLC increased its stake in Prosperity Bancshares by 2.9% in the first quarter. HighTower Advisors LLC now owns 9,973 shares of the bank’s stock valued at $482,000 after purchasing an additional 278 shares during the last quarter. Sowell Financial Services LLC grew its position in Prosperity Bancshares by 79.4% during the first quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock valued at $33,000 after acquiring an additional 300 shares during the period. Finally, Louisiana State Employees Retirement System grew its position in Prosperity Bancshares by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 23,100 shares of the bank’s stock valued at $1,372,000 after acquiring an additional 300 shares during the period. 79.97% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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