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PB

Prosperity Bancshares

$67.23

0.45 (0.67%)

, LTXB

LegacyTexas Financial

$38.22

0.32 (0.84%)

06:38
06/17/19
06/17
06:38
06/17/19
06:38

LegacyTexas Financial to merge with Prosperity Bancshares, valued at $2.1B

Prosperity Bancshares (PB) and LegacyTexas Financial (LTXB) jointly announced the signing of a definitive merger agreement pursuant to which LegacyTexas will merge with Prosperity. LegacyTexas Bank operates 42 locations in 19 North Texas cities in and around the Dallas-Fort Worth area. As of March 31, LegacyTexas, on a consolidated basis, reported total assets of $9.3B, total gross loans of $8.1B and total deposits of $7.1B. Under the terms of the merger agreement, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each LegacyTexas share, subject to certain conditions. Based on Prosperity's closing price of $67.24 on June 14, the total consideration was valued at approximately $2.1B, or approximately $41.78 per share. Kevin Hanigan, LegacyTexas president and CEO, will join the Prosperity team as the president and COO of Prosperity and president of Prosperity Bank; and Mays Davenport, LegacyTexas executive VP and CFO, will be named executive VP and director of corporate strategy of Prosperity and Prosperity Bank. Scott Almy, Tom Swiley, Chuck Eikenberg and Aaron Shelby will hold senior management positions at Prosperity Bank. In addition, upon completion of the merger, Kevin Hanigan, Bruce Hunt, and George Fisk, directors of LegacyTexas, will join the board of Prosperity and Mays Davenport will join the board of Prosperity Bank. The merger has been unanimously approved by the board of Prosperity and unanimously approved by the independent directors of LegacyTexas and is expected to close during Q4, although delays could occur. The transaction is subject to certain conditions, including the approval by LegacyTexas stockholders and Prosperity shareholders and customary regulatory approvals.

PB

Prosperity Bancshares

$67.23

0.45 (0.67%)

LTXB

LegacyTexas Financial

$38.22

0.32 (0.84%)

  • 26

    Aug

PB Prosperity Bancshares
$67.23

0.45 (0.67%)

05/28/19
BERN
05/28/19
DOWNGRADE
BERN
Underperform
Prosperity Bancshares downgraded to Underperform from Outperform at Bernstein
03/01/19
HOVD
03/01/19
DOWNGRADE
HOVD
Market Perform
Prosperity Bancshares downgraded to Market Perform at Hovde Group
01/31/19
RHCO
01/31/19
NO CHANGE
Target $84
RHCO
Buy
Prosperity Bancshares price target raised to $84 from $75 at SunTrust
SunTrust analyst Jennifer Demba raised her price target on Prosperity Bancshares to $84 and kept her Buy rating after its Q4 earnings. The analyst cites the bank's lower provision and attractive balance sheet, even as its management looks to improve net interest margins from flat levels reported in the quarter, which the analyst expects to be achieved through "reinvestment of cash flows and the solid core deposit base."
01/10/19
LEHM
01/10/19
NO CHANGE
LEHM
Barclays upgrades Mid-Cap Banks industry to Positive from Neutral
Barclays analyst Matthew Keating upgraded his view on the U.S. Mid-Cap Banks industry to Positive from Neutral. There seems to be a lot less enthusiasm for the banks this year, Keating tells investors in a research note. The focus this year is on rising trade tensions, slowing global growth, and chance of a recession, says the analyst. However, he believes the slide in bank stock sentiment creates opportunities for investors "willing to withstand some volatility in the near term." Along with the sector, Keating upgraded Synovus Financial (SNV) and Texas Capital (TCBI) to Overweight from Equal Weight and Bank OZK (OZK) and People's United Financial (PBCT) to Equal Weight from Underweight. Based on his relative ratings system, he downgraded Prosperity Bancshares (PB) to Equal Weight from Overweight and New York Community Bancorp (NYCB) to Underweight from Equal Weight.
LTXB LegacyTexas Financial
$38.22

0.32 (0.84%)

04/25/19
04/25/19
UPGRADE
Target $43

Outperform
LegacyTexas Financial upgraded to Outperform at Raymond James
As previously reported, Raymond James analyst Michael Rose upgraded LegacyTexas Financial to Outperform from Market Perform, with a $43 price target, following the recent selloff. The analyst now views risk-reward positively as he sees the current price as disconnected from the fundamentals. While credit concerns may continue to weigh on shares in the very near-term, credit "events" over the past few years have typically been followed by a recovery in the fundamentals in the following quarter and, in turn, the stock, he adds.
04/25/19
RAJA
04/25/19
UPGRADE
RAJA
Outperform
LegacyTexas upgraded to Outperform from Market Perform at Raymond James
04/08/19
SPHN
04/08/19
NO CHANGE
SPHN
Franklin Financial SNC notice likely refers to Nobilis Health, says Stephens
After Franklin Financial Network (FSB) disclosed that the administrative agent for a shared national credit, or "SNC," in which the company is one of several lenders issued a notice of default and reservation of rights to the borrower, Stephens analyst Tyler Stafford said he believes the SNC relationship is to Nobilis Health (HLTH). Based on prior filings, Stafford believes LegacyTexas Financial (LTXB), BOK Financial (BOKF) and First Horizon (FHN) may also have exposure to Nobilis, but he cannot be sure of their current exposures.
03/06/19
SPHN
03/06/19
DOWNGRADE
SPHN
Equal Weight
Stephens taking 'more balanced view,' downgrades eight bank stocks
Stephens' bank research team, including analysts Terry McEvoy, Matt Olney, Tyler Stafford and Austin Nicholas, noted that the bank sector has seen strong performance year-to-date following stable Q4 credit trends, slowing deposit beta commentary and two well-received mergers of equals and they feel the risk/reward in the space is now less attractive. Given this preference for a more balanced view, the team downgraded eight stocks in the sector, including BankUnited (BKU), BancorpSouth (BXS), BB&T (BBT), CBTX (CBTX), Comerica (CMA), Eagle Bancorp (EGBN), First Financial Bancorp (FFBC) and LegacyTexas Financial (LTXB), all to Equal Weight from Overweight. In terms of price targets, the target for BancorpSouth was trimmed to $32 from $33, BB&T was lowered to $55 from $56, BankUnited was maintained at $38, CBTX was decreased to $35 from $36, Comerica was raised to $90 from $88, Eagle was held at $60, First Financial's target is $30 and LegacyTexas was maintained at $45.

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PCAR

Paccar

$69.23

0.06 (0.09%)

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CE

Celanese

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4.9 (4.64%)

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China Resources Gas

$0.00

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COT

Cott Corp.

$12.34

0.05 (0.41%)

20:29
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CLSA Asian tech analysts to hold an analyst/industry conference call »

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-0.05 (-0.16%)

, BA

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CAT

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BSX

Boston Scientific

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NOC

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GD

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VFC

VF Corp.

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APH

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HLT

Hilton

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FCX

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SC

Santander Consumer

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0.9 (2.43%)

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COT

Cott Corp.

$12.34

0.05 (0.41%)

20:15
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Upgrade
Cott Corp. rating change at Goldman Sachs »

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RARX

RA Pharmaceuticals

$33.58

-2.43 (-6.75%)

20:11
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Syndicate
RA Pharmaceuticals 4M share Secondary priced at $32.50 »

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CUTR

Cutera

$24.40

0.19 (0.78%)

20:04
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ITCI

Intra-Cellular

$8.18

-3.81 (-31.78%)

19:44
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SCHW

Charles Schwab

$43.54

0.38 (0.88%)

19:28
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Charles Schwab CMO, EVP of investor services to leave, BI says »

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  • 27

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FB

Facebook

$202.38

0.06 (0.03%)

19:26
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Facebook CEO must certify compliance under FTC privacy agreement, WSJ says »

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  • 24

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AXP

American Express

$128.20

2.19 (1.74%)

19:24
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Periodicals
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  • 13

    Nov

OBE

Obsidian Energy

$1.00

0.0087 (0.88%)

19:22
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EEFT

Euronet

$165.34

1.22 (0.74%)

19:16
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EEFT

Euronet

$165.34

1.22 (0.74%)

19:16
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Earnings
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CALX

Calix

$7.30

0.155 (2.17%)

19:13
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Earnings
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  • 24

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CALX

Calix

$7.30

0.155 (2.17%)

19:12
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Earnings
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  • 24

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WE

We Company

$0.00

(0.00%)

19:06
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EIC

Eagle Point Income Company

$0.00

(0.00%)

19:03
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Syndicate
Eagle Point Income Company 1.2M share IPO priced at $19.89 »

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TTS

Tile Shop

$3.08

-0.88 (-22.22%)

18:57
07/23/19
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Downgrade
Tile Shop rating change at Telsey Advisory »

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  • 23

    Jul

AAPL

Apple

$208.85

1.64 (0.79%)

, GOOG

Alphabet

$1,146.62

8.53 (0.75%)

18:57
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Apple

$208.85

1.64 (0.79%)

GOOG

Alphabet

$1,146.62

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GOOGL

Alphabet Class A

$1,148.77

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MSFT

Microsoft

$139.29

0.88 (0.64%)

FB

Facebook

$202.38

0.06 (0.03%)

HPQ

HP Inc.

$21.64

0.2 (0.93%)

QCOM

Qualcomm

$74.10

-1.83 (-2.41%)

INTC

Intel

$51.76

0.4 (0.78%)

AVGO

Broadcom

$300.79

4.68 (1.58%)

MRVL

Marvell

$26.50

0.64 (2.47%)

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JNCE

Jounce Therapeutics

$4.10

-0.1 (-2.38%)

, TER

Teradyne

$48.09

1.26 (2.69%)

18:56
07/23/19
07/23
18:56
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18:56
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: Jounce…

JNCE

Jounce Therapeutics

$4.10

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TER

Teradyne

$48.09

1.26 (2.69%)

EW

Edwards Lifesciences

$195.47

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MANH

Manhattan Associates

$72.91

1.16 (1.62%)

SNAP

Snap

$14.85

0.71 (5.02%)

TXN

Texas Instruments

$120.05

1.89 (1.60%)

OLBK

Old Line Bancshares

$26.14

(0.00%)

CSL

Carlisle

$132.30

2.445 (1.88%)

CMG

Chipotle

$740.42

-1.88 (-0.25%)

CNI

Canadian National

$91.05

-0.07 (-0.08%)

DFS

Discover

$84.54

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NAVI

Navient

$13.71

0.27 (2.01%)

WFC

Wells Fargo

$47.20

0.7 (1.51%)

IRBT

iRobot

$89.64

-2.7 (-2.92%)

RHI

Robert Half

$58.81

1.45 (2.53%)

V

Visa

$180.89

0.34 (0.19%)

SGEN

Seattle Genetics

$75.88

-0.22 (-0.29%)

FB

Facebook

$202.38

0.06 (0.03%)

TWTR

Twitter

$37.90

0.32 (0.85%)

AMZN

Amazon.com

$1,994.44

8.51 (0.43%)

GOOG

Alphabet

$1,146.62

8.53 (0.75%)

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