Zacks: Brokerages Expect Prosperity Bancshares, Inc. (NYSE:PB) Will Announce Quarterly Sales of $282.60 Million


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Wall Street analysts expect Prosperity Bancshares, Inc. (NYSE:PB) to post sales of $282.60 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Prosperity Bancshares’ earnings, with estimates ranging from $277.00 million to $287.80 million. Prosperity Bancshares reported sales of $284.63 million in the same quarter last year, which would suggest a negative year over year growth rate of 0.7%. The business is scheduled to issue its next earnings results on Wednesday, August 4th.

According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $1.14 billion for the current financial year, with estimates ranging from $1.12 billion to $1.16 billion. For the next fiscal year, analysts expect that the business will post sales of $1.13 billion, with estimates ranging from $1.10 billion to $1.18 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Tuesday, April 27th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.06. Prosperity Bancshares had a return on equity of 8.42% and a net margin of 37.67%. During the same period in the prior year, the company earned $1.39 earnings per share.

A number of analysts have issued reports on PB shares. Raymond James raised their target price on Prosperity Bancshares from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 13th. Morgan Stanley raised their target price on Prosperity Bancshares from $81.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Bank of America downgraded Prosperity Bancshares from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 7th. Truist Securities lifted their price target on Prosperity Bancshares from $78.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, March 15th. Finally, Truist lifted their price target on Prosperity Bancshares from $78.00 to $88.00 in a research report on Monday, March 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.00.

NYSE:PB traded up $1.45 during trading hours on Thursday, reaching $75.92. The stock had a trading volume of 400,695 shares, compared to its average volume of 420,966. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a 50 day simple moving average of $76.11 and a 200 day simple moving average of $69.47. Prosperity Bancshares has a 12-month low of $48.80 and a 12-month high of $83.02. The stock has a market cap of $7.06 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.37 and a beta of 1.37.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Tuesday, June 15th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 2.58%. The ex-dividend date is Monday, June 14th. Prosperity Bancshares’s dividend payout ratio is 39.04%.

In related news, Director George A. Fisk sold 1,733 shares of Prosperity Bancshares stock in a transaction on Friday, March 12th. The stock was sold at an average price of $79.31, for a total transaction of $137,444.23. Following the completion of the sale, the director now owns 94,011 shares of the company’s stock, valued at $7,456,012.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director George A. Fisk sold 2,000 shares of Prosperity Bancshares stock in a transaction on Monday, March 8th. The shares were sold at an average price of $78.17, for a total value of $156,340.00. Following the sale, the director now directly owns 95,744 shares of the company’s stock, valued at approximately $7,484,308.48. The disclosure for this sale can be found here. 4.01% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of PB. Marshall Wace North America L.P. bought a new stake in Prosperity Bancshares during the first quarter worth about $35,000. Founders Capital Management bought a new stake in Prosperity Bancshares during the fourth quarter worth about $39,000. Capstone Triton Financial Group LLC bought a new stake in Prosperity Bancshares during the fourth quarter worth about $64,000. CI Investments Inc. lifted its stake in Prosperity Bancshares by 20.7% during the fourth quarter. CI Investments Inc. now owns 996 shares of the bank’s stock worth $69,000 after purchasing an additional 171 shares during the last quarter. Finally, Toronto Dominion Bank bought a new stake in Prosperity Bancshares during the fourth quarter worth about $138,000. 76.72% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts; and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate 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, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

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