Brokerages expect Prosperity Bancshares, Inc. (NYSE:PB) to report sales of $187.83 million for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Prosperity Bancshares’ earnings. The highest sales estimate is $193.50 million and the lowest is $185.40 million. Prosperity Bancshares posted sales of $187.94 million during the same quarter last year, which suggests a negative year over year growth rate of 0.1%. The company is scheduled to report its next quarterly earnings results on Wednesday, October 23rd.
On average, analysts expect that Prosperity Bancshares will report full-year sales of $743.09 million for the current fiscal year, with estimates ranging from $739.90 million to $745.80 million. For the next fiscal year, analysts anticipate that the firm will post sales of $1.15 billion, with estimates ranging from $1.13 billion to $1.20 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.18. The firm had revenue of $184.80 million for the quarter, compared to analyst estimates of $186.94 million. Prosperity Bancshares had a net margin of 38.27% and a return on equity of 8.12%. During the same period in the prior year, the firm earned $1.17 earnings per share.
Several equities analysts have commented on the stock. Sanford C. Bernstein lowered shares of Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research note on Tuesday, May 28th. Stephens set a $74.00 price target on shares of Prosperity Bancshares and gave the company a “hold” rating in a research note on Monday, June 17th. Finally, Raymond James upgraded shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 price target on the stock in a research note on Tuesday, June 18th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $73.95.
In other news, Vice Chairman H E. Timanus, Jr. acquired 10,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $64.39 per share, with a total value of $643,900.00. Following the completion of the acquisition, the insider now owns 148,837 shares of the company’s stock, valued at $9,583,614.43. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 4.86% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Prosperity Bancshares by 1.4% in the second quarter. Municipal Employees Retirement System of Michigan now owns 12,270 shares of the bank’s stock valued at $810,000 after acquiring an additional 170 shares during the period. Van Hulzen Asset Management LLC lifted its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Van Hulzen Asset Management LLC now owns 6,900 shares of the bank’s stock worth $456,000 after purchasing an additional 200 shares during the period. Advisor Group Inc. lifted its holdings in shares of Prosperity Bancshares by 6.8% during the second quarter. Advisor Group Inc. now owns 3,541 shares of the bank’s stock worth $234,000 after purchasing an additional 227 shares during the period. Stephens Inc. AR lifted its holdings in shares of Prosperity Bancshares by 8.9% during the first quarter. Stephens Inc. AR now owns 3,728 shares of the bank’s stock worth $257,000 after purchasing an additional 305 shares during the period. Finally, Benjamin Edwards Inc. lifted its holdings in shares of Prosperity Bancshares by 32.9% during the second quarter. Benjamin Edwards Inc. now owns 1,364 shares of the bank’s stock worth $90,000 after purchasing an additional 338 shares during the period. 83.22% of the stock is owned by institutional investors and hedge funds.
Prosperity Bancshares stock traded down $1.48 during mid-day trading on Friday, hitting $63.51. The company had a trading volume of 249,067 shares, compared to its average volume of 567,179. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.59 and a beta of 1.34. Prosperity Bancshares has a 1 year low of $57.01 and a 1 year high of $76.10. The business has a fifty day moving average of $66.92 and a 200 day moving average of $69.57.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 35.57%.
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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