Prosperity Bancshares Inc.
) reached a new 52-week high, touching $52.38 in the second half
of the trading session on Jun 27, 2013. The closing price of this
regional bank reflected a robust year-to-date return of 20.8%.
The trading volume for the session was 0.4 million shares, higher
than the average of 0.3 million over the last 3 months.
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Despite the strong price appreciation, this Zacks Rank #3 (Hold)
stock has plenty of upside left, given its estimate revisions
over the last 90 days for 2013 and expected long-term earnings
growth of 8.3%.
Impressive first-quarter 2013 results, strong capital position,
together with a long history of acquisitions were the primary
growth drivers for Prosperity.
Prosperity's first-quarter earnings marginally beat the Zacks
Consensus Estimate. Results benefited from growth in top line,
partially offset by a rise in operating expenses. An improvement
in loan and deposit balances as well as stable capital and
profitability ratios were among the positives.
Further, over the years, Prosperity has grown through acquiring
banks and branches. This year, the company acquired 2 firms -
Coppermark Bancshares, Inc. and East Texas Financial Services
Over the last 90 days, for 2013, the Zacks Consensus Estimate
moved north by 1.2% to $3.50 per share. Notably, for 2014, the
Zacks Consensus Estimate remained stable at $3.57 per share, over
the same time period.
Better performing banks include
BOK Financial Corporation
First Financial Bankshares Inc.
International Bancshares Corporation
), all of which carry a Zacks Rank #2 (Buy).