Prosperity Bancshares, Inc. (PB) Expected to Announce Quarterly Sales of $185.83 Million
Analysts expect that Prosperity Bancshares, Inc. (NYSE:PB) will post $185.83 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Prosperity Bancshares’ earnings, with the lowest sales estimate coming in at $183.07 million and the highest estimate coming in at $190.40 million. Prosperity Bancshares reported sales of $183.75 million during the same quarter last year, which suggests a positive year-over-year growth rate of 1.1%. The company is scheduled to report its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full-year sales of $185.83 million for the current year, with estimates ranging from $731.76 million to $749.70 million. For the next year, analysts expect that the company will report sales of $769.08 million per share, with estimates ranging from $731.58 million to $795.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The business had revenue of $180.01 million during the quarter, compared to analyst estimates of $187.13 million. During the same period last year, the business posted $0.98 EPS.
PB has been the subject of several recent analyst reports. Stephens set a $73.00 price target on Prosperity Bancshares and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Barclays PLC initiated coverage on Prosperity Bancshares in a research note on Thursday, August 3rd. They issued an “overweight” rating and a $72.00 price target for the company. BidaskClub cut Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 16th. Hovde Group decreased their price target on Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating for the company in a research note on Monday, June 26th. Finally, ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $71.25.
Shares of Prosperity Bancshares (NYSE:PB) opened at 65.60 on Wednesday. Prosperity Bancshares has a 12-month low of $51.30 and a 12-month high of $77.87. The firm has a 50-day moving average price of $64.40 and a 200-day moving average price of $68.27. The firm has a market cap of $4.56 billion, a P/E ratio of 16.61 and a beta of 1.33.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.07%. Prosperity Bancshares’s dividend payout ratio (DPR) is 34.34%.
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In other news, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was 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 $10,207,680. The sale was disclosed in a legal filing with the SEC, which is available at 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 value 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. Corporate insiders own 4.93% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Sigma Planning Corp increased its stake in shares of Prosperity Bancshares by 0.5% in the second quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock valued at $337,000 after buying an additional 26 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Prosperity Bancshares by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock valued at $489,000 after buying an additional 40 shares in the last quarter. World Asset Management Inc increased its stake in shares of Prosperity Bancshares by 1.8% in the first quarter. World Asset Management Inc now owns 4,265 shares of the bank’s stock valued at $297,000 after buying an additional 77 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Prosperity Bancshares by 0.5% in the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock valued at $1,348,000 after buying an additional 98 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its stake in shares of Prosperity Bancshares by 2.2% in the second quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock valued at $340,000 after buying an additional 114 shares in the last quarter. 75.45% of the stock is owned by institutional investors and hedge funds.
Prosperity Bancshares Company Profile
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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