$1.00 Earnings Per Share Expected for Prosperity Bancshares, Inc. (PB) This Quarter
Wall Street analysts predict that Prosperity Bancshares, Inc. (NYSE:PB) will post earnings of $1.00 per share for the current quarter, Zacks reports. Six analysts have provided estimates for Prosperity Bancshares’ earnings, with estimates ranging from $0.99 to $1.03. Prosperity Bancshares posted earnings of $0.99 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 1%. The business is scheduled to announce its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full year earnings of $4.00 per share for the current fiscal year, with EPS estimates ranging from $3.96 to $4.04. For the next fiscal year, analysts forecast that the firm will post earnings of $4.17 per share, with EPS estimates ranging from $4.00 to $4.29. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The firm had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. During the same quarter last year, the business posted $0.98 earnings per share.
Several research firms recently weighed in on PB. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. BidaskClub cut shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 16th. Piper Jaffray Companies reiterated a “hold” rating and set a $73.50 target price on shares of Prosperity Bancshares in a research report on Friday, July 14th. Keefe, Bruyette & Woods cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $81.00 to $76.00 in a research report on Thursday, April 27th. Finally, ValuEngine upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $71.25.
In related news, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the sale, the director now owns 156,800 shares in the company, valued at approximately $10,207,680. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the completion of the sale, the director now owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The disclosure for this sale can be found here. 4.93% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in PB. Teachers Advisors LLC boosted its stake in Prosperity Bancshares by 3.2% in the fourth quarter. Teachers Advisors LLC now owns 110,767 shares of the bank’s stock worth $7,951,000 after buying an additional 3,410 shares in the last quarter. Bank of Montreal Can boosted its stake in Prosperity Bancshares by 0.6% in the first quarter. Bank of Montreal Can now owns 20,877 shares of the bank’s stock worth $1,455,000 after buying an additional 128 shares in the last quarter. Capstone Asset Management Co. boosted its stake in Prosperity Bancshares by 2.8% in the first quarter. Capstone Asset Management Co. now owns 5,893 shares of the bank’s stock worth $411,000 after buying an additional 160 shares in the last quarter. Alpha Windward LLC boosted its stake in Prosperity Bancshares by 4,686.1% in the first quarter. Alpha Windward LLC now owns 6,557 shares of the bank’s stock worth $457,000 after buying an additional 6,420 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in Prosperity Bancshares during the first quarter worth approximately $207,000. Institutional investors and hedge funds own 75.45% of the company’s stock.
Shares of Prosperity Bancshares (PB) traded down 0.40% during trading on Monday, hitting $65.37. The stock had a trading volume of 318,073 shares. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 16.55 and a beta of 1.33. The stock’s 50 day moving average is $64.59 and its 200 day moving average is $68.33. Prosperity Bancshares has a 52 week low of $49.92 and a 52 week high of $77.87.
The company also recently disclosed 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 2.08%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
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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