Prosperity Bancshares, Inc. (PB) Expected to Post Quarterly Sales of $185.59 Million
Equities research analysts forecast that Prosperity Bancshares, Inc. (NYSE:PB) will report sales of $185.59 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Prosperity Bancshares’ earnings, with estimates ranging from $183.07 million to $190.40 million. Prosperity Bancshares reported sales of $183.75 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1%. The company is expected to issue 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 sales of $185.59 million for the current fiscal year, with estimates ranging from $731.76 million to $749.70 million. For the next fiscal year, analysts expect that the firm will post sales of $769.94 million per share, with estimates ranging from $731.58 million to $795.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow 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 the consensus estimate of $1.00 by ($0.01). The company had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same period in the prior year, the business posted $0.98 earnings per share.
A number of research analysts have commented on PB shares. Hovde Group dropped their price objective on shares of Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a research note on Monday, June 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research note on Friday, September 8th. SunTrust Banks, Inc. reiterated a “buy” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research note on Monday, October 2nd. Finally, Stephens set a $73.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Four 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 stock presently has a consensus rating of “Hold” and a consensus target price of $71.05.
Shares of Prosperity Bancshares (NYSE PB) traded down 1.43% during midday trading on Monday, reaching $64.77. The company’s stock had a trading volume of 60,315 shares. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 16.40 and a beta of 1.36. Prosperity Bancshares has a 52 week low of $52.81 and a 52 week high of $77.87. The company has a 50 day moving average of $62.41 and a 200-day moving average of $64.26.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
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In related news, Director Robert H. Steelhammer sold 5,000 shares of the business’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 sale, the director now owns 137,800 shares of the company’s stock, valued at $8,268,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.93% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in PB. Huntington National Bank boosted its holdings in Prosperity Bancshares by 9.2% during 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. Pacad Investment Ltd. purchased a new stake in Prosperity Bancshares during the second quarter worth about $109,000. PNC Financial Services Group Inc. lifted its holdings in shares of Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after purchasing an additional 269 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Prosperity Bancshares by 17.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after purchasing an additional 369 shares in the last quarter. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Prosperity Bancshares by 42.8% in the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after purchasing an additional 1,028 shares in the last quarter. 72.88% of the stock is currently owned by hedge funds and other institutional investors.
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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