Brokerages Anticipate Prosperity Bancshares, Inc. (PB) Will Announce Quarterly Sales of $185.83 Million
Wall Street brokerages expect Prosperity Bancshares, Inc. (NYSE:PB) to announce sales of $185.83 million for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Prosperity Bancshares’ earnings. The highest sales estimate is $190.40 million and the lowest is $183.07 million. Prosperity Bancshares posted sales of $183.75 million in the same quarter last year, which suggests a positive year over year growth rate of 1.1%. The business is expected to announce its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $185.83 million for the current fiscal year, with estimates ranging from $731.76 million to $749.70 million. For the next fiscal year, analysts anticipate that the firm will post sales of $769.08 million per share, with estimates ranging from $731.58 million to $795.00 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share 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 firm had revenue of $180.01 million during the quarter, compared to analysts’ expectations of $187.13 million. During the same period in the previous year, the firm posted $0.98 EPS.
A number of equities analysts have commented on PB shares. Wedbush upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price objective for the company in a research report on Friday, May 19th. BidaskClub downgraded shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 27th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $63.00 to $65.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Finally, Stephens set a $73.00 price objective on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $71.23.
Prosperity Bancshares (NYSE PB) opened at 60.00 on Friday. Prosperity Bancshares has a 12-month low of $52.19 and a 12-month high of $77.87. The firm has a 50-day moving average of $61.77 and a 200-day moving average of $65.81. The stock has a market cap of $4.17 billion, a PE ratio of 15.19 and a beta of 1.34.
The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.27%. Prosperity Bancshares’s dividend payout ratio is presently 34.34%.
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In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director now directly owns 137,800 shares in the company, valued at approximately $8,268,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Steelhammer sold 4,000 shares of the firm’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the transaction, the director now owns 147,800 shares of the company’s stock, valued at $9,510,930. The disclosure for this sale can be found here. Insiders have sold a total of 14,000 shares of company stock valued at $864,950 over the last 90 days. 4.93% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the business. Huntington National Bank increased its holdings in Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after acquiring an additional 143 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth about $109,000. Quantbot Technologies LP acquired a new stake in shares of Prosperity Bancshares during the 1st quarter worth about $154,000. PNC Financial Services Group Inc. boosted its stake in shares of Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after purchasing an additional 269 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after purchasing an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 72.90% of the company’s stock.
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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