The stock of Prosperity Bancshares, Inc. (NYSE:PB) hit a new 52-week high and has $70.78 target or 5.00% above today’s $67.41 share price. The 8 months bullish chart indicates low risk for the $4.79B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $70.78 price target is reached, the company will be worth $239.50 million 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. The stock increased 1.94% or $1.28 on December 1, hitting $67.41. About 391,119 shares traded hands. Prosperity Bancshares, Inc. (NYSE:PB) has risen 26.90% since April 28, 2016 and is uptrending. It has outperformed by 20.98% 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 $69.64 million for 17.20 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. The stock of Prosperity Bancshares, Inc. (NYSE:PB) earned “Outperform” rating by Raymond James on Monday, May 9. The firm has “Underweight” rating given on Tuesday, January 5 by JP Morgan. The stock of Prosperity Bancshares, Inc. (NYSE:PB) earned “Neutral” rating by Wedbush on Friday, October 7. The stock of Prosperity Bancshares, Inc. (NYSE:PB) earned “Market Perform” rating by Hovde Group on Friday, November 18. Compass Point initiated it with “Neutral” rating and $50 target price in Tuesday, June 7 report. Wedbush downgraded Prosperity Bancshares, Inc. (NYSE:PB) on Thursday, November 17 to “Underperform” rating. The firm has “Underweight” rating by Morgan Stanley given on Wednesday, November 16. Hovde Group upgraded Prosperity Bancshares, Inc. (NYSE:PB) on Wednesday, June 29 to “Outperform” rating. On Tuesday, July 28 the stock rating was maintained by FBR Capital with “Mkt Perform”. The stock has “Outperform” rating given by FBR Capital on Tuesday, October 11.
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 recent Prosperity Bancshares, Inc. (NYSE:PB) news were published by: Prnewswire.com which released: “Prosperity Bancshares, Inc.® Releases Results Of 2016 Dodd-Frank Act Stress Test” on October 27, 2016. Also Prnewswire.com published the news titled: “Prosperity Bancshares, Inc.® Completes Merger With Tradition Bancshares, Inc.” on January 04, 2016. Prnewswire.com‘s news article titled: “Prosperity Bancshares, Inc.® To Acquire Tradition Bancshares, Inc. In Houston …” with publication date: August 06, 2015 was also an interesting one.
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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