Prosperity Bancshares Inc. (NYSE: PB) stock fell -2.76% on Wednesday to $58.44 against a previous-day closing price of $60.10. With 0.6 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.87 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $60.11 whereas the lowest price it dropped to was $58.19. The 52-week range on PB shows that it touched its highest point at $78.76 and its lowest point at $56.72 during that stretch. It currently has a 1-year price target of $69.00. With its current market cap of 5.61 billion, PB has annualized dividend of $2.20 while the current yield stands at 3.76%. Beta for the stock currently stands at 0.97.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of PB was down-trending over the past week, with a drop of -5.73%, but this was down by -0.95% over a month. Three-month performance dropped to -21.12% while six-month performance fell -21.34%. The stock lost -17.25% in the past year, while it has lost -19.59% so far this year. A look at the trailing 12-month EPS for PB yields 5.77 with Next year EPS estimates of 5.78. For the next quarter, that number is 1.28. This implies an EPS growth rate of 2.20% for this year and 7.28% for next year. EPS is expected to grow by 9.12% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 7.80%.
Float and Shares Shorts:
At present, 91.21 million PB shares are outstanding with a float of 87.37 million shares on hand for trading. On Apr 27, 2023, short shares totaled 2.79 million, which was 3.08% higher than short shares on Mar 30, 2023. In addition to Mr. David E. Zalman as the firm’s Sr. Chairman & CEO, Mr. H. E. Timanus Jr. serves as its Chairman.
Through their ownership of 87.11% of PB’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 8.48% of PB, in contrast to 59.52% held by mutual funds. Shares owned by individuals account for 23.71%. As the largest shareholder in PB with 10.30% of the stake, The Vanguard Group, Inc. holds 9,408,571 shares worth 9,408,571. A second-largest stockholder of PB, SSgA Funds Management, Inc., holds 7,970,933 shares, controlling over 8.73% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in PB, holding 7,867,528 shares or 8.62% stake. With a 4.43% stake in PB, the SPDR S&P Dividend ETF is the largest stakeholder. A total of 4,043,107 shares are owned by the mutual fund manager. The Victory Sycamore Established Valu, which owns about 3.88% of PB stock, is the second-largest Mutual Fund holder. It holds 3,545,000 shares valued at 221.99 million. iShares Core S&P Mid Cap ETF holds 3.12% of the stake in PB, owning 2,849,475 shares worth 178.43 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for PB since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With PB analysts setting a high price target of $76.00 and a low target of $60.00, the average target price over the next 12 months is $69.00. Based on these targets, PB could surge 30.05% to reach the target high and rise by 2.67% to reach the target low. Reaching the average price target will result in a growth of 18.07% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded PB stock several times over the past three months with 12 Buys and 1 Sells. In these transactions, 20,000 shares were bought while 1,000 shares were sold. The number of buy transactions has increased to 25 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 74,615 while 6,300 shares were sold.