Prosperity Bancshares, Inc. (PB) Expected to Post Quarterly Sales of $185.83 Million
Wall Street brokerages expect Prosperity Bancshares, Inc. (NYSE:PB) to report $185.83 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Prosperity Bancshares’ earnings. The lowest sales estimate is $183.07 million and the highest is $190.40 million. Prosperity Bancshares reported sales of $183.75 million during the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The business is expected to announce its next earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $185.83 million for the current fiscal year, with estimates ranging from $731.76 million to $749.70 million. For the next fiscal year, analysts forecast that the business will report sales of $769.08 million per share, with estimates ranging from $731.58 million to $795.00 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The business had revenue of $180.01 million during the quarter, compared to analyst estimates of $187.13 million. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. During the same quarter in the previous year, the company posted $0.98 earnings per share.
Several brokerages recently issued reports on PB. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price objective on shares of Prosperity Bancshares in a report on Friday, September 8th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. UBS AG lowered Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Finally, Barclays PLC began coverage on Prosperity Bancshares in a report on Thursday, August 3rd. They set an “overweight” rating and a $72.00 price objective for the company. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $71.23.
Prosperity Bancshares (PB) traded up 0.25% during trading on Friday, reaching $60.15. The company had a trading volume of 678,752 shares. The stock has a market cap of $4.18 billion, a PE ratio of 15.23 and a beta of 1.34. The company has a 50-day moving average price of $61.67 and a 200 day moving average price of $65.70. Prosperity Bancshares has a 52-week low of $52.19 and a 52-week high of $77.87.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $61.51, for a total value of $307,550.00. Following the sale, the director now directly owns 142,800 shares of the company’s stock, valued at $8,783,628. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 4,000 shares of the firm’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the completion of the sale, the director now directly owns 147,800 shares in the company, valued at $9,510,930. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,000 shares of company stock worth $864,950. 4.93% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the company. Sigma Planning Corp grew its position in shares of Prosperity Bancshares by 0.5% in the second quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock valued at $337,000 after purchasing an additional 26 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Prosperity Bancshares by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock valued at $489,000 after purchasing an additional 40 shares during the last quarter. World Asset Management Inc grew its position in shares of Prosperity Bancshares by 1.8% in the first quarter. World Asset Management Inc now owns 4,265 shares of the bank’s stock valued at $297,000 after purchasing an additional 77 shares during the last quarter. Bank of Montreal Can grew its position in shares of Prosperity Bancshares by 0.5% in the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock valued at $1,348,000 after purchasing an additional 98 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its position in shares of Prosperity Bancshares by 2.2% in the second quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock valued at $340,000 after purchasing an additional 114 shares during the last quarter. 72.88% of the stock is currently owned by institutional investors.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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