Wedbush Starts Prosperity Bancshares (PB) at Neutral
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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."
Shares of Prosperity Bancshares closed at $55.30 yesterday.
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