Prosperity Bancshares Inc. (NYSE: PB) stock jumped 1.70% on Thursday to $56.89 against a previous-day closing price of $55.94. With 0.69 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.74 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $57.07 whereas the lowest price it dropped to was $55.91. The 52-week range on PB shows that it touched its highest point at $78.76 and its lowest point at $54.45 during that stretch. It currently has a 1-year price target of $67.43. With its current market cap of 5.27 billion, PB has annualized dividend of $2.20 while the current yield stands at 3.87%. Beta for the stock currently stands at 0.97.
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 up-trending over the past week, with a rise of 2.49%, but this was up by 0.11% over a month. Three-month performance dropped to -3.58% while six-month performance fell -11.66%. The stock lost -18.99% in the past year, while it has lost -21.73% so far this year. A look at the trailing 12-month EPS for PB yields 5.30 with Next year EPS estimates of 5.29. For the next quarter, that number is 1.07. This implies an EPS growth rate of 2.20% for this year and 15.19% 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, 92.93 million PB shares are outstanding with a float of 89.53 million shares on hand for trading. On Aug 14, 2023, short shares totaled 3.83 million, which was 4.08% higher than short shares on Jul 13, 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 81.24% of PB’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 8.26% of PB, in contrast to 49.94% held by mutual funds. Shares owned by individuals account for 33.12%. As the largest shareholder in PB with 10.20% of the stake, The Vanguard Group, Inc. holds 9,612,896 shares worth 9,612,896. A second-largest stockholder of PB, SSgA Funds Management, Inc., holds 8,888,314 shares, controlling over 9.43% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in PB, holding 7,672,082 shares or 8.14% stake. With a 4.06% stake in PB, the Victory Sycamore Established Valu is the largest stakeholder. A total of 3,832,000 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 3.21% of PB stock, is the second-largest Mutual Fund holder. It holds 3,027,537 shares valued at 191.7 million. Vanguard Total Stock Market ETF holds 3.02% of the stake in PB, owning 2,843,771 shares worth 180.07 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 $74.00 and a low target of $57.00, the average target price over the next 12 months is $67.57. Based on these targets, PB could surge 30.08% to reach the target high and rise by 0.19% to reach the target low. Reaching the average price target will result in a growth of 18.77% 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 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 27 while that of sell transactions has risen to 3 over the past year. The total number of shares bought during that period was 70,069 while 2,800 shares were sold.