FBR Capital Maintains a 'Market Perform' on Prosperity Bancshares (PRSP); First Look: 1Q11 $0.72; $0.03 Beat on Strong Asset Quality and Improving Loan Growth
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Price: $29.34 --0%
Rating Summary:
1 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
1 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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FBR Capital maintains a 'Market Perform' on Prosperity Bancshares (NASDAQ: PRSP).
FBR analyst says, "PRSP reported $0.72, or $0.03 beat to FBR and consensus, primarily ($0.02 per share) driven by lower provision expense as already low NPLs declined even further. Overall a high quality quarter in our opinion – 10% annualized quarterly loan growth, 3 bps NIM expansion and improvement in already strong credit metrics. We expect the street to view PRSP’s stronger than expected quarter positively. Shares trade at 3.7x TBV and 13.5x FY12 EPS estimates, a deserved premium valuation to industry peers given its superior performance. We note that 1Q loan growth for community banks tend to be affected by seasonality and we believe Prosperity’s better than expected loan growth bodes well for publiclytraded Texas banks."
For more ratings news on Prosperity Bancshares click here and for the rating history of Prosperity Bancshares click here.
Shares of Prosperity Bancshares closed at $41.91 yesterday.
FBR analyst says, "PRSP reported $0.72, or $0.03 beat to FBR and consensus, primarily ($0.02 per share) driven by lower provision expense as already low NPLs declined even further. Overall a high quality quarter in our opinion – 10% annualized quarterly loan growth, 3 bps NIM expansion and improvement in already strong credit metrics. We expect the street to view PRSP’s stronger than expected quarter positively. Shares trade at 3.7x TBV and 13.5x FY12 EPS estimates, a deserved premium valuation to industry peers given its superior performance. We note that 1Q loan growth for community banks tend to be affected by seasonality and we believe Prosperity’s better than expected loan growth bodes well for publiclytraded Texas banks."
For more ratings news on Prosperity Bancshares click here and for the rating history of Prosperity Bancshares click here.
Shares of Prosperity Bancshares closed at $41.91 yesterday.
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