Equities research analysts expect that Prosperity Bancshares (NYSE:PB) will announce earnings of $1.14 per share for the current quarter, Zacks reports. Six analysts have issued estimates for Prosperity Bancshares’ earnings. The lowest EPS estimate is $1.11 and the highest is $1.15. Prosperity Bancshares posted earnings per share of $0.99 in the same quarter last year, which would suggest a positive year-over-year growth rate of 15.2%. The business is expected to issue its next earnings results before the market opens on Wednesday, April 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full-year earnings of $4.77 per share for the current financial year, with EPS estimates ranging from $4.68 to $4.86. For the next year, analysts anticipate that the company will report earnings of $5.08 per share, with EPS estimates ranging from $4.95 to $5.33. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that that provide coverage for Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million during the quarter, compared to analyst estimates of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same period in the previous year, the company posted $0.99 EPS.
Several equities research analysts have issued reports on the company. Barclays raised their price target on Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Zacks Investment Research raised Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a report on Friday, December 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $79.00 price target on shares of Prosperity Bancshares in a report on Friday, December 22nd. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Finally, Piper Jaffray reaffirmed a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $74.45.
In related news, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total value of $300,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David Hollaway sold 1,800 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $75.60, for a total value of $136,080.00. Following the completion of the transaction, the chief financial officer now owns 168,684 shares in the company, valued at approximately $12,752,510.40. The disclosure for this sale can be found here. Insiders have sold a total of 10,800 shares of company stock worth $818,280 in the last quarter. Company insiders own 5.05% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC bought a new position in shares of Prosperity Bancshares in the fourth quarter worth $127,000. Icon Wealth Partners LLC bought a new position in shares of Prosperity Bancshares in the fourth quarter worth $177,000. Arvest Bank Trust Division bought a new position in shares of Prosperity Bancshares in the fourth quarter worth $210,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Prosperity Bancshares by 39.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock worth $243,000 after purchasing an additional 980 shares during the period. Finally, State of Alaska Department of Revenue bought a new position in Prosperity Bancshares in the fourth quarter valued at about $273,000. Institutional investors own 77.62% of the company’s stock.
Shares of NYSE PB traded up $1.61 during trading hours on Friday, hitting $73.63. The company had a trading volume of 152,445 shares, compared to its average volume of 392,037. The company has a market cap of $5,006.23, a PE ratio of 18.53, a PEG ratio of 1.50 and a beta of 1.32. Prosperity Bancshares has a 1-year low of $55.84 and a 1-year high of $79.20.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Friday, March 16th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.96%. The ex-dividend date was Thursday, March 15th. Prosperity Bancshares’s payout ratio is 36.55%.
Prosperity Bancshares declared that its board has authorized a stock repurchase program on Friday, January 19th that permits the company to buyback 3,470,000 outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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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.
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