Analysts expect Prosperity Bancshares, Inc. (NYSE:PB) to report $0.97 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. 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 $0.74. Prosperity Bancshares posted earnings of $0.99 per share during the same quarter last year, which suggests a negative year over year growth rate of 2%. The firm is expected to report its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that Prosperity Bancshares will report full-year earnings of $3.96 per share for the current year, with EPS estimates ranging from $3.69 to $4.04. For the next financial year, analysts anticipate that the firm will report earnings of $4.16 per share, with EPS estimates ranging from $4.00 to $4.27. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The business had revenue of $180.01 million for the quarter, compared to analysts’ expectations of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same quarter in the prior year, the business earned $0.98 EPS.
Several analysts recently commented on PB shares. Hovde Group dropped their price target on shares of Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a research report on Monday, June 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Royal Bank Of Canada restated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research report on Friday, September 8th. BidaskClub upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $63.00 to $65.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $71.23.
In other news, Director Robert H. Steelhammer sold 4,000 shares of the firm’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the transaction, the director now directly owns 147,800 shares of the company’s stock, valued at $9,510,930. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 142,800 shares in the company, valued at $8,783,628. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,000 shares of company stock worth $864,950. Insiders own 4.93% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of Prosperity Bancshares in the second quarter worth about $934,000. North Star Asset Management Inc. lifted its stake in shares of Prosperity Bancshares by 0.9% in the second quarter. North Star Asset Management Inc. now owns 85,230 shares of the bank’s stock worth $5,475,000 after buying an additional 757 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Prosperity Bancshares by 60.3% in the second quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock worth $4,572,000 after buying an additional 26,778 shares in the last quarter. Koch Industries Inc. purchased a new position in shares of Prosperity Bancshares in the second quarter worth about $333,000. Finally, Verition Fund Management LLC purchased a new position in shares of Prosperity Bancshares in the second quarter worth about $731,000. 72.88% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Prosperity Bancshares (NYSE PB) traded up 0.25% on Wednesday, hitting $60.15. 678,689 shares of the stock traded hands. The company has a market cap of $4.18 billion, a PE ratio of 15.23 and a beta of 1.34. Prosperity Bancshares has a one year low of $52.19 and a one year high of $77.87. The stock has a 50 day moving average of $61.67 and a 200 day moving average of $65.70.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s payout ratio is 34.34%.
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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