Prosperity Bancshares (PB) was Reiterated by Wedbush to “Underperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 59 from a previous price target of $58 . Wedbush advised their investors in a research report released on Nov 30, 2016.
Many Wall Street Analysts have commented on Prosperity Bancshares. Company shares were Downgraded by Wedbush on Nov 17, 2016 to ” Underperform”, Firm has raised the Price Target to $ 58 from a previous price target of $54 .Prosperity Bancshares was Downgraded by Morgan Stanley to ” Underweight” on Nov 16, 2016. Prosperity Bancshares was Downgraded by Hovde Group to ” Market Perform” on Nov 14, 2016.
On the company’s financial health, Prosperity Bancshares reported $0.99 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Oct 26, 2016. Analyst had a consensus of $0.97. The company had revenue of $183.80 million for the quarter, compared to analysts expectations of $189.22 million. The company’s revenue was down -2.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.01 EPS.
Prosperity Bancshares opened for trading at $64.42 and hit $65.54 on the upside on Tuesday, eventually ending the session at $64.73, with a gain of 0.31% or 0.2 points. The heightened volatility saw the trading volume jump to 3,87,384 shares. Company has a market cap of $4,498 M.
In a different news, on Nov 23, 2016, Edward Z Safady (President) sold 5,000 shares at $66.15 per share price. According to the SEC, on Nov 21, 2016, Michael Epps (Executive Vice President) sold 5,000 shares at $63.90 per share price. On Nov 9, 2016, Harrison Ii Stafford (director) sold 2,000 shares at $55.00 per share price, according to the Form-4 filing with the securities and exchange commission.
Prosperity Bancshares Inc. is a financial holding company. The Company 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 Companys additional products and services include trust services brokerage mortgage lending credit card and independent sales organization (ISO) sponsorship operations. Its traditional deposit products include certificates of deposit interest checking accounts savings accounts and overdraft protection. The Bank operates 245 full service banking locations including 62 in the Houston area 30 in the South Texas area 36 in the Dallas/Fort Worth area 22 in the East Texas area 30 in the Central Texas area 34 in the West Texas area 16 in the Bryan/College Station area six in the Central Oklahoma area and nine in the Tulsa Oklahoma area.