$185.43 Million in Sales Expected for Prosperity Bancshares, Inc. (PB) This Quarter

Wall Street brokerages expect Prosperity Bancshares, Inc. (NYSE:PB) to announce sales of $185.43 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Prosperity Bancshares’ earnings, with the highest sales estimate coming in at $187.40 million and the lowest estimate coming in at $182.70 million. Prosperity Bancshares reported sales of $183.31 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.2%. The firm is expected to report its next earnings report before the market opens on Wednesday, January 24th.

According to Zacks, analysts expect that Prosperity Bancshares will report full-year sales of $185.43 million for the current fiscal year, with estimates ranging from $730.90 million to $741.60 million. For the next fiscal year, analysts forecast that the firm will report sales of $763.08 million per share, with estimates ranging from $739.29 million to $776.90 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.02. The business had revenue of $184.96 million during the quarter, compared to the consensus estimate of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same quarter in the previous year, the firm earned $0.99 earnings per share.

A number of research analysts recently commented on the company. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Barclays boosted their price target on Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Hovde Group downgraded Prosperity Bancshares from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $70.00 to $68.00 in a research note on Tuesday, January 2nd. Finally, Zacks Investment Research raised Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research note on Friday, December 29th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.27.

A number of hedge funds and other institutional investors have recently modified their holdings of PB. JPMorgan Chase & Co. raised its stake in Prosperity Bancshares by 196.8% during the second quarter. JPMorgan Chase & Co. now owns 180,721 shares of the bank’s stock worth $11,609,000 after acquiring an additional 119,835 shares in the last quarter. Riverhead Capital Management LLC raised its stake in Prosperity Bancshares by 42.8% during the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after acquiring an additional 1,028 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in Prosperity Bancshares by 6.9% during the second quarter. TIAA CREF Investment Management LLC now owns 193,322 shares of the bank’s stock worth $12,419,000 after acquiring an additional 12,499 shares in the last quarter. Amalgamated Bank raised its stake in Prosperity Bancshares by 41.4% during the second quarter. Amalgamated Bank now owns 13,357 shares of the bank’s stock worth $858,000 after acquiring an additional 3,913 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new position in Prosperity Bancshares during the second quarter worth about $634,000. 76.68% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares (NYSE:PB) opened at $75.65 on Friday. The company has a market capitalization of $5,256.46, a PE ratio of 19.15, a P/E/G ratio of 1.62 and a beta of 1.37. Prosperity Bancshares has a 52 week low of $55.84 and a 52 week high of $77.87.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a dividend of $0.36 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.44 annualized dividend and a yield of 1.90%. Prosperity Bancshares’s payout ratio is presently 36.46%.

Prosperity Bancshares declared that its Board of Directors has approved a stock buyback program on Friday, January 19th that allows the company to buyback 3,470,000 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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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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