Stephens analyst Matt Olney maintained a Hold rating on Prosperity Bancshares (PB) today and set a price target of $74. The company’s shares closed on Friday at $67.24.
Olney wrote:
“We view this transition as no surprise as LTXB has been a long rumored seller and PB has been a serial acquirer through the years as this marks their 28 th acquisition since 2000. We believe other community banks in North Texas could potentially benefit from the market disruption. There will be a conference call this morning at 9:30 central. KEY POINTS: Corrected cost saves to 25%.Stephens Inc. Page 2 COMPANIES MENTIONED LegacyTexas Financial Group, Inc.”
According to TipRanks.com, Olney is a 1-star analyst with an average return of -0.6% and a 42.6% success rate. Olney covers the Financial sector, focusing on stocks such as Spirit Of Texas Bancshares Inc, Business First Bancshares Inc, and Hancock Whitney Corporation.
Prosperity Bancshares has an analyst consensus of Hold, with a price target consensus of $71.25.
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Based on Prosperity Bancshares’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $82.4 million. In comparison, last year the company had a net profit of $74.36 million.
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Prosperity Bancshares, Inc. is a holding company, which engages in the provision of financial products and solutions. It provides retail and commercial banking services such as deposits, online Internet banking, loan services, investments, trust, credit card and others. The company offers its products to small and medium-sized businesses and consumers.
