SunTrust Banks Weighs in on Prosperity Bancshares, Inc.’s Q1 2018 Earnings (PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Analysts at SunTrust Banks increased their Q1 2018 earnings estimates for Prosperity Bancshares in a report issued on Monday. SunTrust Banks analyst J. Demba now expects that the bank will post earnings of $1.13 per share for the quarter, up from their previous forecast of $0.98. SunTrust Banks has a “Buy” rating and a $77.00 price target on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q2 2018 earnings at $1.19 EPS, Q3 2018 earnings at $1.21 EPS, FY2018 earnings at $4.78 EPS and FY2019 earnings at $5.18 EPS.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. The business had revenue of $184.96 million for the quarter, compared to analyst estimates of $185.59 million. During the same quarter in the previous year, the firm earned $0.99 EPS.

Several other brokerages have also issued reports on PB. ValuEngine lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday. Piper Jaffray Companies restated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday. Barclays boosted their price objective on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Hovde Group lowered shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $70.00 to $68.00 in a report on Tuesday, January 2nd. Finally, Zacks Investment Research upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a report on Friday, December 29th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $73.27.

Prosperity Bancshares (NYSE PB) traded up $1.85 during midday trading on Wednesday, hitting $72.85. The stock had a trading volume of 658,200 shares, compared to its average volume of 469,971. Prosperity Bancshares has a fifty-two week low of $55.84 and a fifty-two week high of $77.87. The stock has a market cap of $5,060.00, a price-to-earnings ratio of 18.49, a PEG ratio of 1.67 and a beta of 1.37.

Large investors have recently modified their holdings of the business. Canada Pension Plan Investment Board purchased a new stake in Prosperity Bancshares during the third quarter worth about $105,000. Pacad Investment Ltd. purchased a new stake in Prosperity Bancshares during the second quarter worth about $109,000. PNC Financial Services Group Inc. increased its stake in Prosperity Bancshares by 8.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock worth $156,000 after purchasing an additional 185 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Prosperity Bancshares by 17.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after purchasing an additional 369 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in Prosperity Bancshares by 42.8% during the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after purchasing an additional 1,028 shares during the period. Institutional investors own 76.80% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, December 14th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 1.98%. Prosperity Bancshares’s dividend payout ratio is 36.55%.

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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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