Prosperity Bancshares, Inc. (PB) to Post Q3 2017 Earnings of $0.99 Per Share, SunTrust Banks Forecasts
Prosperity Bancshares, Inc. (NYSE:PB) – SunTrust Banks lowered their Q3 2017 earnings estimates for Prosperity Bancshares in a note issued to investors on Thursday. SunTrust Banks analyst J. Demba now forecasts that the bank will earn $0.99 per share for the quarter, down from their prior estimate of $1.00. SunTrust Banks currently has a “Buy” rating and a $73.00 target price on the stock.
PB has been the topic of a number of other reports. BidaskClub upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Hovde Group decreased their target price on shares of Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating for the company in a research note on Monday, June 26th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Piper Jaffray Companies reissued a “hold” rating and set a $73.50 price target on shares of Prosperity Bancshares in a report on Friday, July 14th. Finally, Stephens set a $73.00 price target on Prosperity Bancshares and gave the stock a “hold” rating in a report on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $71.38.
Shares of Prosperity Bancshares (NYSE:PB) opened at 65.13 on Monday. Prosperity Bancshares has a 52 week low of $52.81 and a 52 week high of $77.87. The stock has a market cap of $4.53 billion, a P/E ratio of 16.49 and a beta of 1.36. The stock has a 50 day moving average price of $61.20 and a 200-day moving average price of $64.61.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The company had revenue of $180.01 million for the quarter, compared to analysts’ expectations 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 business posted $0.98 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were given a $0.34 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.09%. Prosperity Bancshares’s payout ratio is currently 34.34%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the sale, the director now owns 137,800 shares of the company’s stock, valued at approximately $8,268,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.93% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Huntington National Bank lifted its holdings in shares of Prosperity Bancshares by 9.2% in the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $109,000. Quantbot Technologies LP purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at approximately $154,000. PNC Financial Services Group Inc. boosted its stake in shares of Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Prosperity Bancshares by 17.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after buying an additional 369 shares in the last quarter. 72.88% of the stock is owned by institutional investors and hedge funds.
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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