Zacks: Analysts Expect Prosperity Bancshares, Inc. (PB) Will Announce Quarterly Sales of $185.43 Million

Wall Street analysts expect that Prosperity Bancshares, Inc. (NYSE:PB) will post sales of $185.43 million for the current quarter, according to Zacks Investment Research. 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 posted sales of $183.31 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.2%. The company is expected to issue 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 year, analysts anticipate that the business will post sales of $763.79 million per share, with estimates ranging from $744.24 million to $776.90 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last issued its 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 firm had revenue of $184.96 million for the quarter, compared to analyst estimates 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 prior year, the firm earned $0.99 earnings per share.

A number of brokerages recently commented on PB. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $79.00 target price on shares of Prosperity Bancshares in a research report on Friday, December 22nd. Zacks Investment Research upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Friday, December 29th. SunTrust Banks restated a “buy” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Wednesday, November 29th. ValuEngine upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, November 30th. Finally, Barclays upped their price objective on Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday. Four research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $73.32.

Shares of Prosperity Bancshares (PB) opened at $69.52 on Thursday. The company has a market capitalization of $4,863.88, a P/E ratio of 17.60, a P/E/G ratio of 1.68 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 15th were paid a $0.36 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio is currently 36.46%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its holdings in Prosperity Bancshares by 60.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock valued at $4,572,000 after buying an additional 26,778 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Prosperity Bancshares by 45.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock valued at $29,578,000 after buying an additional 140,000 shares in the last quarter. Legal & General Group Plc grew its holdings in Prosperity Bancshares by 12.0% in the 2nd quarter. Legal & General Group Plc now owns 73,909 shares of the bank’s stock valued at $4,748,000 after buying an additional 7,917 shares in the last quarter. Royal Bank of Canada grew 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 valued at $421,000 after buying an additional 1,745 shares in the last quarter. Finally, South Dakota Investment Council grew its holdings in Prosperity Bancshares by 24.0% in the 3rd quarter. South Dakota Investment Council now owns 138,284 shares of the bank’s stock valued at $9,089,000 after buying an additional 26,800 shares in the last quarter. 76.80% of the stock is owned by hedge funds and other institutional investors.

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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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