Prosperity Bancshares, Inc. (NYSE:PB) – Analysts at SunTrust Banks dropped their FY2017 earnings estimates for Prosperity Bancshares in a report released on Thursday, according to Zacks Investment Research. SunTrust Banks analyst J. Demba now anticipates that the bank will post earnings of $3.94 per share for the year, down from their previous forecast of $3.96. SunTrust Banks currently has a “Buy” rating and a $73.00 price target on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q4 2018 earnings at $1.09 EPS, FY2018 earnings at $4.15 EPS and FY2019 earnings at $4.46 EPS.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. The firm had revenue of $184.96 million during the quarter, compared to the consensus estimate of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same period in the prior year, the firm posted $0.99 earnings per share.
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A number of other brokerages also recently weighed in on PB. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Royal Bank of Canada reissued a “hold” rating and issued a $71.00 price objective on shares of Prosperity Bancshares in a research note on Friday, September 8th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Stephens set a $73.00 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a report on Wednesday, July 26th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.50 price objective on shares of Prosperity Bancshares in a research report on Friday, July 14th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $71.05.
Shares of Prosperity Bancshares (PB) traded down $0.11 during trading hours on Friday, hitting $62.90. 298,700 shares of the stock traded hands, compared to its average volume of 475,960. The company has a market capitalization of $4,378.19, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 1.59 and a beta of 1.36. Prosperity Bancshares has a 52-week low of $55.84 and a 52-week high of $77.87.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.29%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s payout ratio is presently 34.43%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the director now directly owns 137,800 shares in the company, valued at approximately $8,268,000. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.93% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its stake in shares of 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 purchasing an additional 26,778 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of 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 purchasing an additional 140,000 shares during the period. Legal & General Group Plc lifted its stake in shares of 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 purchasing an additional 7,917 shares during the period. Clinton Group Inc. acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $269,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $435,000. Hedge funds and other institutional investors own 72.01% of the company’s stock.
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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