Analysts forecast that Prosperity Bancshares, Inc. (NYSE:PB) will announce sales of $184.75 million for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Prosperity Bancshares’ earnings, with the highest sales estimate coming in at $187.00 million and the lowest estimate coming in at $182.20 million. Prosperity Bancshares posted sales of $183.26 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.8%. The business is expected to announce its next quarterly earnings results on Wednesday, April 25th.
On average, analysts expect that Prosperity Bancshares will report full-year sales of $184.75 million for the current financial year, with estimates ranging from $749.90 million to $776.10 million. For the next year, analysts anticipate that the firm will report sales of $794.57 million per share, with estimates ranging from $771.82 million to $819.70 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million for the quarter, compared to the consensus estimate of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same quarter in the prior year, the company posted $0.99 EPS.
Prosperity Bancshares (PB) opened at $78.70 on Tuesday. The stock has a market cap of $5,489.47, a PE ratio of 19.90, a price-to-earnings-growth ratio of 1.65 and a beta of 1.32. Prosperity Bancshares has a one year low of $55.84 and a one year high of $79.20.
Prosperity Bancshares announced that its board has approved a stock buyback plan on Friday, January 19th that allows the company to buyback 3,470,000 shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Thursday, March 15th. Prosperity Bancshares’s payout ratio is currently 36.64%.
In other news, CFO David Hollaway sold 5,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $76.32, for a total transaction of $381,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Epps sold 4,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total transaction of $300,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 10,800 shares of company stock valued at $818,280 in the last ninety days. Insiders own 4.93% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PB. Royal Bank of Canada increased its holdings in Prosperity Bancshares by 36.3% in the 2nd quarter. Royal Bank of Canada now owns 6,548 shares of the bank’s stock worth $421,000 after acquiring an additional 1,745 shares in the last quarter. First Trust Advisors LP increased its holdings in Prosperity Bancshares by 333.5% in the 3rd quarter. First Trust Advisors LP now owns 81,931 shares of the bank’s stock worth $5,385,000 after acquiring an additional 63,029 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Prosperity Bancshares in the 3rd quarter worth approximately $483,000. Canada Pension Plan Investment Board purchased a new stake in Prosperity Bancshares in the 3rd quarter worth approximately $105,000. Finally, State Board of Administration of Florida Retirement System increased its holdings in Prosperity Bancshares by 7.0% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 36,912 shares of the bank’s stock worth $2,426,000 after acquiring an additional 2,420 shares in the last quarter. 77.78% of the stock is owned by institutional investors.
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Prosperity Bancshares Company Profile
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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