Equities research analysts forecast that Prosperity Bancshares, Inc. (NYSE:PB) will report sales of $184.75 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Prosperity Bancshares’ earnings, with the lowest sales estimate coming in at $182.20 million and the highest estimate coming in at $187.00 million. Prosperity Bancshares posted sales of $183.26 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.8%. The business is expected to report its next earnings report on Wednesday, April 25th.
On average, analysts expect that Prosperity Bancshares will report full year sales of $184.75 million for the current year, with estimates ranging from $749.90 million to $776.10 million. For the next financial year, analysts expect that the company will report sales of $794.57 million per share, with estimates ranging from $771.82 million to $819.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. The business had revenue of $185.27 million for the quarter, compared to analysts’ expectations of $185.43 million. During the same quarter in the prior year, the firm earned $0.99 earnings per share.
Several research firms recently issued reports on PB. ValuEngine raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. DA Davidson increased their target price on shares of Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Zacks Investment Research cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. SunTrust Banks reissued a “buy” rating and set a $85.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $74.45.
In other news, insider Michael Epps sold 4,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $75.15, for a total value of $300,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Hollaway sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total transaction of $381,600.00. The disclosure for this sale can be found here. Insiders sold a total of 10,800 shares of company stock valued at $818,280 over the last three months. 4.93% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of PB. BlackRock Inc. increased its holdings in Prosperity Bancshares by 1.2% in the fourth quarter. BlackRock Inc. now owns 5,647,680 shares of the bank’s stock worth $395,733,000 after buying an additional 66,817 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Prosperity Bancshares by 108.1% in the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock worth $128,701,000 after buying an additional 1,017,115 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in Prosperity Bancshares by 2.1% in the fourth quarter. Champlain Investment Partners LLC now owns 1,892,150 shares of the bank’s stock worth $132,583,000 after buying an additional 38,115 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Prosperity Bancshares by 0.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,015,328 shares of the bank’s stock worth $71,145,000 after buying an additional 8,779 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Prosperity Bancshares by 1.0% in the third quarter. Bank of New York Mellon Corp now owns 817,453 shares of the bank’s stock worth $53,730,000 after buying an additional 8,304 shares during the last quarter. 77.78% of the stock is owned by institutional investors and hedge funds.
Prosperity Bancshares (NYSE PB) traded up $0.47 during midday trading on Tuesday, hitting $77.19. 1,164,301 shares of the stock were exchanged, compared to its average volume of 419,332. Prosperity Bancshares has a twelve month low of $55.84 and a twelve month high of $79.20. The firm has a market capitalization of $5,336.54, a PE ratio of 19.64, a P/E/G ratio of 1.60 and a beta of 1.32.
Prosperity Bancshares announced that its Board of Directors has authorized a share buyback plan on Friday, January 19th that allows the company to repurchase 3,470,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $1.44 dividend on an annualized basis and a yield of 1.87%. Prosperity Bancshares’s dividend payout ratio is presently 36.64%.
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Prosperity Bancshares Company Profile
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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