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Brokerages expect Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) to announce $282.84 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Prosperity Bancshares’ earnings, with the highest sales estimate coming in at $284.00 million and the lowest estimate coming in at $280.90 million. Prosperity Bancshares posted sales of $280.96 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 0.7%. The firm is expected to announce its next earnings report on Monday, January 1st.
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 year, analysts expect that the company will post sales of $1.23 billion, with estimates ranging from $1.21 billion to $1.27 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The bank reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. Prosperity Bancshares had a return on equity of 7.95% and a net margin of 43.64%. During the same quarter in the previous year, the firm earned $1.44 EPS.
PB has been the topic of several recent analyst reports. Wolfe Research cut their price target on Prosperity Bancshares from $69.00 to $63.00 and set an “underperform” rating on the stock in a research note on Thursday. StockNews.com started coverage on Prosperity Bancshares in a report on Thursday, March 31st. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $77.25.
NYSE:PB opened at $72.61 on Friday. Prosperity Bancshares has a one year low of $64.40 and a one year high of $80.46. The business’s 50-day simple moving average is $68.59 and its 200 day simple moving average is $72.03. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Wednesday, June 15th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Tuesday, June 14th. Prosperity Bancshares’s dividend payout ratio is currently 37.75%.
In related news, Chairman H E. Timanus, Jr. bought 2,000 shares of the stock in a transaction dated Thursday, May 12th. The stock was bought at an average cost of $67.00 per share, with a total value of $134,000.00. Following the completion of the acquisition, the chairman now owns 2,000 shares of the company’s stock, valued at $134,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.22% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Prosperity Bancshares by 3.1% in the 1st quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock worth $569,805,000 after buying an additional 244,440 shares in the last quarter. State Street Corp grew its holdings in Prosperity Bancshares by 13.0% in the 1st quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock worth $539,069,000 after buying an additional 890,236 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Prosperity Bancshares by 5.1% in the 1st quarter. Victory Capital Management Inc. now owns 3,870,967 shares of the bank’s stock worth $268,482,000 after buying an additional 189,581 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Prosperity Bancshares by 6.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,150,568 shares of the bank’s stock worth $218,587,000 after purchasing an additional 188,126 shares during the period. Finally, American Century Companies Inc. lifted its position in Prosperity Bancshares by 43.0% in the first quarter. American Century Companies Inc. now owns 3,098,134 shares of the bank’s stock worth $214,949,000 after purchasing an additional 931,585 shares during the period. 80.30% of the stock is owned by institutional investors and hedge funds.
Prosperity Bancshares Company Profile (Get Rating)
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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.
Further Reading
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