Equities analysts predict that Prosperity Bancshares (NYSE:PB) will report earnings per share of $1.16 for the current quarter, according to Zacks. Seven analysts have made estimates for Prosperity Bancshares’ earnings. The highest EPS estimate is $1.17 and the lowest is $1.13. Prosperity Bancshares posted earnings of $0.99 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 17.2%. The business is expected to issue its next earnings results on Wednesday, July 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full-year earnings of $4.63 per share for the current financial year, with EPS estimates ranging from $4.54 to $4.69. For the next fiscal year, analysts anticipate that the company will post earnings of $5.05 per share, with EPS estimates ranging from $4.95 to $5.16. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 25th. The bank reported $1.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.07). The firm had revenue of $181.16 million for the quarter, compared to analysts’ expectations of $180.97 million. Prosperity Bancshares had a net margin of 34.87% and a return on equity of 7.34%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 EPS.
Several brokerages have weighed in on PB. FIG Partners reissued a “market-perform” rating on shares of Prosperity Bancshares in a research report on Monday, April 16th. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. ValuEngine raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. DA Davidson increased their price target on shares of Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. Finally, SunTrust Banks reissued a “buy” rating and set a $85.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 25th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $74.91.
PB traded down $0.61 during trading on Friday, hitting $73.78. 300,400 shares of the stock traded hands, compared to its average volume of 398,402. The stock has a market capitalization of $5.23 billion, a P/E ratio of 18.72, a PEG ratio of 1.62 and a beta of 1.34. Prosperity Bancshares has a 12-month low of $55.84 and a 12-month high of $79.20.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 15th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $1.44 annualized dividend and a dividend yield of 1.95%. Prosperity Bancshares’s dividend payout ratio is 36.55%.
In related news, Director Ned S. Holmes sold 50,000 shares of Prosperity Bancshares stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $74.46, for a total transaction of $3,723,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Randy Hester sold 5,000 shares of Prosperity Bancshares stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $73.13, for a total transaction of $365,650.00. The disclosure for this sale can be found here. Company insiders own 5.05% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Prosperity Bancshares by 3.0% during the 1st quarter. BlackRock Inc. now owns 5,818,647 shares of the bank’s stock valued at $422,610,000 after acquiring an additional 170,967 shares during the period. Champlain Investment Partners LLC lifted its position in Prosperity Bancshares by 6.9% during the 1st quarter. Champlain Investment Partners LLC now owns 2,022,175 shares of the bank’s stock valued at $146,871,000 after acquiring an additional 130,025 shares during the period. Findlay Park Partners LLP lifted its position in Prosperity Bancshares by 73.6% during the 1st quarter. Findlay Park Partners LLP now owns 1,909,685 shares of the bank’s stock valued at $138,700,000 after acquiring an additional 809,685 shares during the period. Goldman Sachs Group Inc. lifted its position in Prosperity Bancshares by 0.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,015,328 shares of the bank’s stock valued at $71,145,000 after acquiring an additional 8,779 shares during the period. Finally, Northern Trust Corp lifted its position in Prosperity Bancshares by 0.5% during the 1st quarter. Northern Trust Corp now owns 825,338 shares of the bank’s stock valued at $59,944,000 after acquiring an additional 3,787 shares during the period. 77.62% of the stock is owned by institutional investors.
About Prosperity Bancshares
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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