The stock of Prosperity Bancshares, Inc. (NYSE:PB) hit a new 52-week high and has $72.22 target or 9.00% above today’s $66.26 share price. The 9 months bullish chart indicates low risk for the $4.63 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $72.22 price target is reached, the company will be worth $416.70M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 223,635 shares traded hands. Prosperity Bancshares, Inc. (NYSE:PB) has risen 29.27% since April 21, 2016 and is uptrending. It has outperformed by 23.94% the S&P500.
Analysts await Prosperity Bancshares, Inc. (NYSE:PB) to report earnings on January, 25. They expect $0.98 earnings per share, down 2.97% or $0.03 from last year’s $1.01 per share. PB’s profit will be $68.48M for 16.90 P/E if the $0.98 EPS becomes a reality. After $0.99 actual earnings per share reported by Prosperity Bancshares, Inc. for the previous quarter, Wall Street now forecasts -1.01% negative EPS growth.
Prosperity Bancshares, Inc. (NYSE:PB) Ratings Coverage
Out of 12 analysts covering Prosperity Bancshares (NYSE:PB), 5 rate it a “Buy”, 4 “Sell”, while 3 “Hold”. This means 42% are positive. Prosperity Bancshares has been the topic of 25 analyst reports since July 28, 2015 according to StockzIntelligence Inc. Wedbush downgraded Prosperity Bancshares, Inc. (NYSE:PB) rating on Thursday, November 17. Wedbush has “Underperform” rating and $58 price target. Keefe Bruyette & Woods upgraded the shares of PB in a report on Thursday, January 28 to “Outperform” rating. The rating was initiated by Sterne Agee CRT with “Underperform” on Thursday, August 20. Wedbush initiated it with “Neutral” rating and $54 target price in Friday, October 7 report. The firm has “Underweight” rating by Morgan Stanley given on Wednesday, November 16. The stock of Prosperity Bancshares, Inc. (NYSE:PB) earned “Underperform” rating by Sterne Agee CRT on Wednesday, August 26. On Tuesday, January 12 the stock rating was downgraded by Bank of America to “Underperform”. The firm has “Outperform” rating by Raymond James given on Monday, May 9. As per Thursday, June 9, the company rating was upgraded by Evercore. Compass Point initiated the stock with “Neutral” rating in Tuesday, June 7 report.
According to Zacks Investment Research, “Prosperity Bancshares is a registered bank holding Company that derives substantially all of its revenues and income from the operation of First Prosperity Bank. The Bank is a full service bank that provides a broad line of financial products and services to small and medium sized businesses and consumers through full-service banking locations, three of which are located in the greater Houston metropolitan area.”
More important recent Prosperity Bancshares, Inc. (NYSE:PB) news were published by: Marketwatch.com which released: “Prosperity Bancshares downgraded to underpeform from neutral at Wedbush Securities” on June 07, 2011, also Prnewswire.com published article titled: “Prosperity Bancshares, Inc.® Reports Third Quarter 2016 Earnings”, Prnewswire.com published: “Prosperity Bancshares, Inc.® To Acquire Tradition Bancshares, Inc. In Houston …” on August 06, 2015. More interesting news about Prosperity Bancshares, Inc. (NYSE:PB) was released by: Prnewswire.com and their article: “Prosperity Bancshares, Inc.® Completes Merger With Tradition Bancshares, Inc.” with publication date: January 04, 2016.
PB Company Profile
Prosperity Bancshares, Inc., incorporated on December 22, 1983, is a financial holding company. The Firm operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial services and products to small and medium-sized businesses and consumers. The Bank operates approximately 240 full service banking locations; 60 in the Houston area, including The Woodlands; 30 in the South Texas area, including Corpus Christi and Victoria; 40 in the Dallas/Fort Worth area; 20 in the East Texas area; 30 in the Central Texas area, including Austin and San Antonio; 30 in the West Texas area, including Lubbock, Midland-Odessa and Abilene; 20 in the Bryan/College Station area; six in the Central Oklahoma area, and eight in the Tulsa, Oklahoma area. The Company’s additional services and products include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations. The Firm also has a trust department, which provides trust services in the Company’s various market areas.
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