Brokerages Expect Prosperity Bancshares, Inc. (PB) Will Post Earnings of $0.97 Per Share
Analysts expect that Prosperity Bancshares, Inc. (NYSE:PB) will post earnings per share (EPS) of $0.97 for the current quarter, according to Zacks. Six analysts have provided estimates for Prosperity Bancshares’ earnings, with the highest EPS estimate coming in at $1.03 and the lowest estimate coming in at $0.91. Prosperity Bancshares reported earnings of $0.99 per share during the same quarter last year, which suggests a negative year over year growth rate of 2%. The business is expected to report its next quarterly earnings report before the market opens on Wednesday, October 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full-year earnings of $3.95 per share for the current financial year, with EPS estimates ranging from $3.87 to $4.04. For the next financial year, analysts expect that the company will post earnings of $4.15 per share, with EPS estimates ranging from $3.98 to $4.27. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that that provide coverage for Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results 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). The business had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. During the same period last year, the firm earned $0.98 earnings per share.
A number of equities analysts recently commented on the company. UBS AG downgraded Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday. Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a report on Thursday, July 27th. SunTrust Banks, Inc. restated a “buy” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a report on Monday, October 2nd. Finally, Raymond James Financial, Inc. restated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $71.05.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $61.51, for a total transaction of $307,550.00. Following the completion of the sale, the director now owns 142,800 shares of the company’s stock, valued at $8,783,628. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.93% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Prosperity Bancshares by 17,208.1% during the first quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock worth $509,091,000 after purchasing an additional 7,260,798 shares during the period. Legal & General Group Plc boosted its position in Prosperity Bancshares by 12.0% during the second quarter. Legal & General Group Plc now owns 73,909 shares of the bank’s stock worth $4,748,000 after purchasing an additional 7,917 shares during the period. Quantitative Systematic Strategies LLC bought a new stake in Prosperity Bancshares during the second quarter worth approximately $435,000. Trust Department MB Financial Bank N A boosted its position in Prosperity Bancshares by 0.7% during the second quarter. Trust Department MB Financial Bank N A now owns 132,874 shares of the bank’s stock worth $8,536,000 after purchasing an additional 923 shares during the period. Finally, Citadel Advisors LLC bought a new stake in Prosperity Bancshares during the first quarter worth approximately $1,003,000. 72.88% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares (NYSE PB) opened at 65.71 on Friday. Prosperity Bancshares has a 12 month low of $52.81 and a 12 month high of $77.87. The firm has a market capitalization of $4.57 billion, a PE ratio of 16.64 and a beta of 1.36. The firm’s 50-day moving average is $62.41 and its 200-day moving average is $64.26.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.07%. Prosperity Bancshares’s 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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