Wedbush Starts Prosperity Bancshares (PB) at Neutral

October 7, 2016 6:59 AM EDT
Get Alerts PB Hot Sheet
Price: $71.73 +0.96%

Rating Summary:
    3 Buy, 10 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wedbush initiates coverage on Prosperity Bancshares (NYSE: PB) with a Neutral rating and a price target of $54.00.

Analyst Peter Winter commented, "Prosperity has been a serial acquirer for the past two decades, which has been a successful strategy as the company has generated an EPS CAGR of 13% since 2000. More recently, the company completed 9 deals since 2012, adding $10.2 billion in assets and more than doubling its size to $21.8 billion. The company has achieved critical mass in order to cope with the higher cost structure under Dodd-Frank. However, we believe future deals must be larger in size in order to move the needle on earnings. Additionally, there is a dearth of larger-sized acquisition opportunities in the markets the company serves, and its organic growth track record has been lower than that of peers."

For an analyst ratings summary and ratings history on Prosperity Bancshares click here. For more ratings news on Prosperity Bancshares click here.

Shares of Prosperity Bancshares closed at $55.30 yesterday.

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