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UPDATE: Morgan Keegan Raises Price Target on Prosperity Bancshares to $44

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According to Morgan Keegan, Prosperity Bancshares (NYSE: PB) price target is raised to $44.

Morgan Keegan said that PB announced the acquisition of western-TX based American State Financial, adding $3.1 billion in assets, $1.2 billion in loans, and $2.5 billion in deposits (representing 31% of Prosperity's asset base). “We are raising our estimates to $3.10 (from $3.05) in FY12 and $3.40 (from $3.15) in FY13, implying 8% accretion to FY13 EPS.”

Prosperity Bancshares closed yesterday at $43.54

Posted-In: Morgan KeeganAnalyst Color Price Target Analyst Ratings

 

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