Prosperity Bancshares, Inc. (NYSE:PB) – Investment analysts at SunTrust Banks lowered their Q2 2018 EPS estimates for Prosperity Bancshares in a note issued to investors on Wednesday. SunTrust Banks analyst J. Demba now expects that the bank will earn $1.18 per share for the quarter, down from their prior forecast of $1.19. SunTrust Banks currently has a “Buy” rating and a $85.00 target price on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q4 2018 earnings at $1.24 EPS, FY2018 earnings at $4.77 EPS and FY2019 earnings at $5.12 EPS.
A number of other brokerages have also recently commented on PB. Hovde Group cut Prosperity Bancshares from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $70.00 to $68.00 in a research note on Tuesday, January 2nd. DA Davidson lifted their price objective on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a research note on Thursday. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $79.00 target price on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Finally, ValuEngine cut Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $74.45.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.01). Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. The company had revenue of $185.27 million for the quarter, compared to analyst estimates of $185.43 million. During the same period last year, the firm earned $0.99 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 16th will be paid a $0.36 dividend. The ex-dividend date is Thursday, March 15th. This represents a $1.44 dividend on an annualized basis and a yield of 1.87%. Prosperity Bancshares’s payout ratio is 36.64%.
Prosperity Bancshares declared that its board has authorized a stock repurchase program on Friday, January 19th that permits the company to buyback 3,470,000 shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of large investors have recently bought and sold shares of PB. Janus Henderson Group PLC grew its stake in Prosperity Bancshares by 108.1% in the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock valued at $128,701,000 after acquiring an additional 1,017,115 shares during the period. Koch Industries Inc. acquired a new position in Prosperity Bancshares in the second quarter valued at about $333,000. Deprince Race & Zollo Inc. grew its stake in Prosperity Bancshares by 59.5% in the third quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock valued at $45,020,000 after acquiring an additional 255,384 shares during the period. FMR LLC grew its stake in Prosperity Bancshares by 14.5% in the second quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock valued at $127,255,000 after acquiring an additional 251,330 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Prosperity Bancshares by 3,568.8% in the third quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock valued at $12,532,000 after acquiring an additional 185,472 shares during the period. 76.80% of the stock is 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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