Prosperity Bancshares, Inc. (NYSE:PB) Expected to Announce Quarterly Sales of $187.63 Million

Share on StockTwits

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)

Get a free copy of the Zacks research report on Prosperity Bancshares (PB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

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.