Wall Street analysts expect that Prosperity Bancshares, Inc. (NYSE:PB) will post $189.24 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Prosperity Bancshares’ earnings. The highest sales estimate is $191.40 million and the lowest is $186.89 million. Prosperity Bancshares reported sales of $184.96 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 2.3%. The company is expected to issue its next earnings results on Wednesday, October 24th.
On average, analysts expect that Prosperity Bancshares will report full year sales of $752.52 million for the current financial year, with estimates ranging from $747.40 million to $756.80 million. For the next year, analysts anticipate that the business will report sales of $787.34 million per share, with estimates ranging from $771.49 million to $799.80 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 25th. The bank reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.02. The business had revenue of $190.17 million during the quarter, compared to the consensus estimate of $186.33 million. Prosperity Bancshares had a net margin of 35.75% and a return on equity of 7.59%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.99 earnings per share.
Several equities analysts have recently commented on PB shares. SunTrust Banks reaffirmed a “buy” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Friday, July 27th. Hovde Group raised shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 price objective for the company in a research note on Monday, July 9th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Morgan Stanley lowered their price objective on shares of Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, DA Davidson lowered their price objective on shares of Prosperity Bancshares to $70.00 and set a “neutral” rating for the company in a research note on Monday, June 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $75.00.
Prosperity Bancshares stock traded down $0.25 during mid-day trading on Tuesday, hitting $73.79. The company’s stock had a trading volume of 2,834 shares, compared to its average volume of 391,114. The company has a market capitalization of $5.17 billion, a PE ratio of 18.85, a P/E/G ratio of 1.60 and a beta of 1.34. Prosperity Bancshares has a 12 month low of $61.15 and a 12 month high of $79.20.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Saturday, September 15th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Thursday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.55%.
In other news, Director Leah Henderson sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $76.09, for a total transaction of $76,090.00. Following the sale, the director now owns 1,050 shares in the company, valued at $79,894.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Harrison Stafford II sold 1,900 shares of the stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $72.97, for a total transaction of $138,643.00. Following the sale, the director now owns 103,562 shares in the company, valued at approximately $7,556,919.14. The disclosure for this sale can be found here. 5.05% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Sun Life Financial INC bought a new position in Prosperity Bancshares during the second quarter valued at approximately $127,000. Private Vista LLC bought a new position in Prosperity Bancshares during the first quarter valued at approximately $209,000. Gideon Capital Advisors Inc. bought a new position in Prosperity Bancshares during the first quarter valued at approximately $218,000. GWM Advisors LLC bought a new position in Prosperity Bancshares during the second quarter valued at approximately $212,000. Finally, GSA Capital Partners LLP bought a new position in Prosperity Bancshares during the first quarter valued at approximately $228,000. Hedge funds and other institutional investors own 77.46% of the company’s stock.
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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