Prosperity Bancshares, Inc. (NYSE:PB) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Prosperity Bancshares, Inc. (NYSE:PB) posted its quarterly earnings data on Wednesday. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.01, Morningstar.com reports. Prosperity Bancshares had a return on equity of 7.58% and a net margin of 35.04%. During the same quarter last year, the company earned $0.98 EPS.
Prosperity Bancshares (NYSE PB) traded down 3.58% on Wednesday, hitting $63.62. 474,803 shares of the company were exchanged. The firm has a 50 day moving average of $64.85 and a 200-day moving average of $68.66. Prosperity Bancshares has a 52-week low of $49.46 and a 52-week high of $77.87. The stock has a market cap of $4.42 billion, a PE ratio of 16.13 and a beta of 1.33.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 34.43%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the completion of the sale, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total transaction of $651,000.00. Following the completion of the sale, the director now directly owns 156,800 shares of the company’s stock, valued at $10,207,680. The disclosure for this sale can be found here. 4.93% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of PB. Huntington National Bank increased its position in shares of Prosperity Bancshares by 9.2% in the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after buying an additional 143 shares in the last quarter. Quantbot Technologies LP purchased a new position in Prosperity Bancshares during the first quarter worth approximately $154,000. PNC Financial Services Group Inc. increased its position in Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after buying an additional 269 shares in the last quarter. Parametrica Management Ltd purchased a new position in Prosperity Bancshares during the first quarter worth approximately $207,000. Finally, Engineers Gate Manager LP purchased a new position in Prosperity Bancshares during the first quarter worth approximately $244,000. Hedge funds and other institutional investors own 75.43% of the company’s stock.
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A number of research firms have recently commented on PB. Keefe, Bruyette & Woods cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $81.00 to $76.00 in a research note on Thursday, April 27th. BidaskClub upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Prosperity Bancshares in a report on Thursday, April 6th. UBS AG lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, April 6th. Finally, Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $71.31.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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