Analysts expect Prosperity Bancshares, Inc. (NYSE:PB) to post sales of $187.63 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Prosperity Bancshares’ earnings. The lowest sales estimate is $185.40 million and the highest is $193.50 million. Prosperity Bancshares posted sales of $187.94 million in the same quarter last year, which suggests a negative year-over-year growth rate of 0.2%. The firm is expected to issue its next quarterly earnings results on Wednesday, October 23rd.
According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $742.41 million for the current year, with estimates ranging from $739.90 million to $745.80 million. For the next financial year, analysts expect that the company will post sales of $1.15 billion, with estimates ranging from $1.13 billion to $1.20 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.18. Prosperity Bancshares had a net margin of 38.27% and a return on equity of 8.12%. The firm had revenue of $184.80 million during the quarter, compared to the consensus estimate of $186.94 million. During the same quarter in the previous year, the firm posted $1.17 EPS.
Several equities analysts recently commented on PB shares. Sanford C. Bernstein downgraded shares of Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a report on Tuesday, May 28th. Stephens set a $74.00 price objective on shares of Prosperity Bancshares and gave the company a “hold” rating in a research note on Monday, June 17th. SunTrust Banks dropped their price objective on shares of Prosperity Bancshares from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday. Zacks Investment Research raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating and set a $72.00 target price for the company in a research report on Tuesday. Finally, Raymond James raised shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 target price for the company in a research report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $73.10.
PB stock traded up $0.64 during mid-day trading on Tuesday, hitting $71.04. The company had a trading volume of 590,633 shares, compared to its average volume of 447,937. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 1.70 and a beta of 1.36. Prosperity Bancshares has a 12-month low of $57.01 and a 12-month high of $75.36. The company has a 50-day moving average price of $65.83 and a 200 day moving average price of $68.68.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 35.57%.
In related news, Vice Chairman H E. Timanus, Jr. acquired 10,000 shares of Prosperity Bancshares stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $64.39 per share, for a total transaction of $643,900.00. Following the transaction, the insider now owns 148,837 shares of the company’s stock, valued at $9,583,614.43. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert J. Dowdell sold 7,600 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $65.45, for a total transaction of $497,420.00. The disclosure for this sale can be found here. Insiders own 4.86% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. purchased a new position in shares of Prosperity Bancshares during the 1st quarter worth about $35,000. Pearl River Capital LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $40,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $55,000. Point72 Asset Management L.P. acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $66,000. Finally, Benjamin Edwards Inc. boosted its holdings in Prosperity Bancshares by 32.9% in the second quarter. Benjamin Edwards Inc. now owns 1,364 shares of the bank’s stock worth $90,000 after purchasing an additional 338 shares during the period. Hedge funds and other institutional investors own 83.52% 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.
Read More: Certificate of Deposit (CD)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.