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PB

Prosperity Bancshares

$62.09

-0.46 (-0.74%)

, LTXB

LegacyTexas Financial

$38.74

-0.17 (-0.44%)

13:39
06/18/19
06/18
13:39
06/18/19
13:39

Prosperity Bancshares announces changes to share repurchase plan

Prosperity Bancshares (PB) announced that its Board of Directors has authorized Prosperity to repurchase shares of its outstanding common stock in transactions outside the safe harbor provided by Rule 10b-18 under the Securities Exchange Act of 1934, as amended, pursuant to its previously announced stock repurchase program, prior to the time that a joint proxy statement/prospectus is sent to the stockholders of LegacyTexas Financial Group (LTXB) and the shareholders of Prosperity seeking their vote on the approval of the merger of LegacyTexas into Prosperity, and after completion of such votes. As previously announced, the stock repurchase program authorizes Prosperity to repurchase from time to time during a two-year period beginning on January 16, 2018, up to 5% of its issued and outstanding shares of common stock.

PB

Prosperity Bancshares

$62.09

-0.46 (-0.74%)

LTXB

LegacyTexas Financial

$38.74

-0.17 (-0.44%)

  • 26

    Aug

PB Prosperity Bancshares
$62.09

-0.46 (-0.74%)

06/18/19
DADA
06/18/19
DOWNGRADE
Target $43
DADA
Neutral
DA Davidson cuts LegacyTexas Financial on Prosperity deal, prefers Veritex
DA Davidson analyst Gary Tenner downgraded LegacyTexas Financial to Neutral and lowered his price target to $43 from $44 after the company's announced agreement to be acquired by Prosperity Bancshares (PB). The analyst also recommends that investors rotate into Veritex Holdings (VBTX), which he believes serves as a "nice option" to replace the Legacy Texas Financial holding. Tenner notes that while a takeout of that bank is not imminent, it does represent a "compelling" M&A candidate based on its scale in the Dallas and Houston markets.
06/18/19
RAJA
06/18/19
DOWNGRADE
RAJA
Market Perform
LegacyTexas downgraded after merger announcement at Raymond James
Raymond James analyst Michael Rose downgraded LegacyTexas Financial (LTXB) to Market Perform from Outperform following the company's merger with Prosperity Bancshares (PB). In a research note to investors, Rose says that while there remains 7.5% upside to the deal's per share priceof $41.78 from yesterday's closing price of $38.88, he sees little in the way of catalysts for outperformance from now until the expected closing of the deal in the fourth quarter.
06/18/19
RAJA
06/18/19
UPGRADE
RAJA
Market Perform
Prosperity Bancshares upgraded after merger announcement at Raymond James
Raymond James analyst Michael Rose upgraded Prosperity Bancshares (PB) to Market Perform from Underperform following the company's merger with LegacyTexas Financial (LTXB). In a research note to investors, Rose says the transaction provides meaningful scale in some of the most attractive markets in the country, and says he views the merger positively, as it combines LegacyTexas' loan growth engine with Prosperity's strong deposit base, all while maintaining a core Texas footprint.
06/18/19
06/18/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bank of America (BAC) upgraded to Outperform from Market Perform at BMO Capital with analyst James Fotheringham expecting upward consensus estimates revisions and a "multiple re-rating" to drive 34% total return in the shares. 2. SunPower (SPWR), SunRun (RUN) upgraded to Buy from Neutral as SolarEdge (SEDG) upgraded to Neutral from Sell at Goldman Sachs with analyst Brian Lee anticipating "volume tailwinds" in the second half of 2019 given the recent signs of strength in the sector's financing environment. 3. CNH Industrial (CNHI) upgraded to Hold from Sell at Deutsche Bank with analyst Chad Dillard saying he's turning positive on North America large agriculture. 4. U.S. Cellular (USM), Telephone and Data (TDS) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Simon Flannery stating that he sees both stocks as "very attractively valued" with each down over 20% from their recent peak levels. 5. Prosperity Bancshares (PB) upgraded to Market Perform from Underperform at Raymond James with analyst Michael Rose saying the LegacyTexas Financial (LTXB) transaction provides meaningful scale in some of the most attractive markets in the country. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
LTXB LegacyTexas Financial
$38.74

-0.17 (-0.44%)

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