Wall Street analysts expect Prosperity Bancshares, Inc. (NYSE:PB) to post $187.45 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Prosperity Bancshares’ earnings. The highest sales estimate is $189.20 million and the lowest is $186.10 million. Prosperity Bancshares posted sales of $190.17 million during the same quarter last year, which suggests a negative year over year growth rate of 1.4%. The company is expected to announce its next quarterly earnings results on Wednesday, July 24th.
According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $755.55 million for the current financial year, with estimates ranging from $751.23 million to $764.10 million. For the next financial year, analysts forecast that the firm will report sales of $793.14 million, with estimates ranging from $776.72 million to $816.30 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.01. The company had revenue of $183.06 million for the quarter, compared to analysts’ expectations of $185.27 million. Prosperity Bancshares had a return on equity of 8.20% and a net margin of 38.42%. During the same period last year, the business posted $1.07 earnings per share.
A number of equities research analysts have issued reports on the company. Sanford C. Bernstein cut Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research note on Tuesday, May 28th. FIG Partners restated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Stephens restated a “hold” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Finally, Hovde Group cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and set a $79.00 price objective on the stock. in a research note on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $75.50.
PB stock traded up $0.33 during mid-day trading on Tuesday, reaching $67.18. The company had a trading volume of 7,328 shares, compared to its average volume of 194,140. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.66 and a beta of 1.42. Prosperity Bancshares has a one year low of $57.01 and a one year high of $76.25.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, June 13th. Prosperity Bancshares’s dividend payout ratio is currently 35.57%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace North America L.P. acquired a new position in Prosperity Bancshares during the first quarter worth about $35,000. First Mercantile Trust Co. grew its holdings in Prosperity Bancshares by 62.9% during the fourth quarter. First Mercantile Trust Co. now owns 570 shares of the bank’s stock worth $35,000 after acquiring an additional 220 shares during the period. Captrust Financial Advisors grew its holdings in Prosperity Bancshares by 513.1% during the fourth quarter. Captrust Financial Advisors now owns 607 shares of the bank’s stock worth $38,000 after acquiring an additional 508 shares during the period. Rockefeller Capital Management L.P. acquired a new position in Prosperity Bancshares during the first quarter worth about $47,000. Finally, Advisory Services Network LLC grew its holdings in Prosperity Bancshares by 88.3% during the fourth quarter. Advisory Services Network LLC now owns 900 shares of the bank’s stock worth $56,000 after acquiring an additional 422 shares during the period. Institutional investors and hedge funds own 82.50% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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