Wedbush Weighs in on Prosperity Bancshares Inc.’s Q3 2016 Earnings (PB)
Prosperity Bancshares Inc. (NYSE:PB) – Equities research analysts at Wedbush decreased their Q3 2016 earnings per share (EPS) estimates for Prosperity Bancshares in a research report issued to clients and investors on Wednesday. Wedbush analyst now forecasts that the firm will post earnings per share of $1.00 for the quarter, down from their previous forecast of $1.01. Wedbush currently has a “Neutral” rating and a $54.00 target price on the stock.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing the consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same quarter last year, the company earned $1.03 EPS.
Several other research firms have also recently weighed in on PB. Deutsche Bank AG upped their price objective on shares of Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, October 3rd. SunTrust Banks Inc. initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They issued a “neutral” rating on the stock. FBR & Co upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $55.00 to $60.00 in a research report on Tuesday. Finally, Hovde Group upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $52.08.
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Prosperity Bancshares (NYSE:PB) traded down 4.36% during midday trading on Thursday, reaching $53.05. 107,984 shares of the company traded hands. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 13.36 and a beta of 1.29. Prosperity Bancshares has a one year low of $33.57 and a one year high of $57.04. The stock’s 50 day moving average is $54.43 and its 200 day moving average is $51.69.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is 30.15%.
In related news, Director Perry Mueller, Jr. sold 13,536 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the sale, the director now owns 6,723 shares of the company’s stock, valued at $363,042. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Steelhammer sold 2,900 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the sale, the director now directly owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the company. Glenmede Trust Co. NA raised its stake in shares of Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock worth $151,000 after buying an additional 145 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock valued at $200,000 after buying an additional 1,677 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $214,000. Salzhauer Michael purchased a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $226,000. Finally, LaSalle Street Capital Management LLC raised its position in shares of Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock valued at $230,000 after buying an additional 152 shares in the last quarter. 80.30% of the stock is owned by institutional investors.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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