Hovde Group Upgrades Prosperity Bancshares to Outperform

Brokerage firm Hovde Group Upgrades its rating on Prosperity Bancshares(NYSE:PB). The shares have been rated Outperform. Previously, the analysts had a Market Perform rating on the shares. The rating by Hovde Group was issued on Jun 29, 2016.

In a different note, On Jun 9, 2016, Evercore ISI Group said it Upgrades its rating on Prosperity Bancshares. The shares have been rated ‘Buy’ by the firm. Compass Point said it Initiates Coverage on Prosperity Bancshares, according to a research note issued on Jun 7, 2016. The shares have been rated ‘Neutral’ by the firm. On May 9, 2016, Raymond James said it Upgrades its rating on Prosperity Bancshares. The shares have been rated ‘Outperform’ by the firm.

Prosperity Bancshares (PB) shares turned negative on Fridays trading session with the shares closing down -0.64 points or -1.26% at a volume of 4,31,333. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $50.985. The peak price level was also seen at $50.985 while the days lowest was $49.54. Finally the shares closed at $50.35. The 52-week high of the shares is $59.97 while the 52-week low is $33.57. According to the latest information available, the market cap of the company is $3,503 M.

Prosperity Bancshares(PB) last announced its earnings results on Apr 27, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $197.05M. Analysts had an estimated revenue of $185.32M. Earnings per share were $0.86. Analysts had estimated an EPS of $0.96.

Several Insider Transactions has been reported to the SEC. On Jun 28, 2016, H E Jr Timanus (Vice Chairman) purchased 6,500 shares at $45.25 per share price.Also, On Feb 19, 2016, Robert H Steelhammer (director) sold 8,000 shares at $42.24 per share price.On Feb 1, 2016, Randy Hester (Chief Lending Officer of Bank) purchased 175 shares at $41.50 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 Company’s 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.

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