Prosperity Bancshares Inc. (NYSE:PB) – Stock analysts at Wedbush lowered their Q3 2016 EPS estimates for shares of Prosperity Bancshares in a report issued on Wednesday. Wedbush analyst now forecasts that the firm will post earnings per share of $1.00 for the quarter, down from their prior estimate of $1.01. Wedbush currently has a “Neutral” rating and a $54.00 target price on the stock.

A number of other brokerages have also recently commented on PB. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, June 29th. FBR & Co upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and increased their target price for the company from $55.00 to $60.00 in a report on Tuesday. SunTrust Banks Inc. began coverage on Prosperity Bancshares in a report on Thursday, October 6th. They set a “neutral” rating on the stock. Deutsche Bank AG increased their target price on Prosperity Bancshares from $54.00 to $59.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, June 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $52.08.

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

Shares of Prosperity Bancshares (NYSE:PB) traded down 4.36% during midday trading on Thursday, hitting $53.05. The stock had a trading volume of 107,984 shares. Prosperity Bancshares has a 12-month low of $33.57 and a 12-month high of $57.04. The stock has a market cap of $3.69 billion, a P/E ratio of 13.36 and a beta of 1.29. The stock has a 50-day moving average price of $54.43 and a 200-day moving average price of $51.69.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same period last year, the firm earned $1.03 earnings per share.

A number of hedge funds have recently made changes to their positions in PB. Vanguard Group Inc. increased its stake in shares of Prosperity Bancshares by 4.3% in the second quarter. Vanguard Group Inc. now owns 5,293,252 shares of the company’s stock valued at $269,903,000 after buying an additional 219,156 shares in the last quarter. Riverhead Capital Management LLC increased its stake in shares of Prosperity Bancshares by 40,913.9% in the second quarter. Riverhead Capital Management LLC now owns 5,000,000 shares of the company’s stock valued at $5,012,000 after buying an additional 4,987,809 shares in the last quarter. State Street Corp increased its stake in shares of Prosperity Bancshares by 2.3% in the first quarter. State Street Corp now owns 3,077,423 shares of the company’s stock valued at $142,763,000 after buying an additional 70,233 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Prosperity Bancshares by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,958,826 shares of the company’s stock valued at $99,881,000 after buying an additional 22,530 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock valued at $87,859,000 after buying an additional 361,881 shares in the last quarter. Hedge funds and other institutional investors own 80.30% of the company’s stock.

In related news, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the sale, the director now directly owns 6,723 shares in the company, valued at approximately $363,042. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the sale, the director now owns 160,800 shares of the company’s stock, valued at $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 16th were issued a $0.30 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.16%. Prosperity Bancshares’s dividend payout ratio is currently 30.15%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.

5 Day Chart for NYSE:PB

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