$185.83 Million in Sales Expected for Prosperity Bancshares, Inc. (PB) This Quarter
Equities research analysts forecast that Prosperity Bancshares, Inc. (NYSE:PB) will post $185.83 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Prosperity Bancshares’ earnings. The highest sales estimate is $190.40 million and the lowest is $183.07 million. Prosperity Bancshares posted sales of $183.75 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.1%. The company is scheduled to issue its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that Prosperity Bancshares will report full-year sales of $185.83 million for the current year, with estimates ranging from $731.76 million to $749.70 million. For the next year, analysts expect that the company will post sales of $769.08 million per share, with estimates ranging from $731.58 million to $795.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The firm had revenue of $180.01 million during the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter last year, the business earned $0.98 earnings per share.
Several brokerages recently weighed in on PB. Piper Jaffray Companies reaffirmed a “hold” rating and set a $73.50 target price on shares of Prosperity Bancshares in a research note on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $63.00 to $65.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. UBS AG cut Prosperity Bancshares to an “underperform” rating in a research note on Thursday, August 10th. Finally, Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research note on Thursday, August 10th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $71.25.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $64.35, for a total value of $257,400.00. Following the transaction, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. Steelhammer sold 5,000 shares of the company’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 completion of the transaction, the director now directly owns 142,800 shares in the company, valued at $8,783,628. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,000 shares of company stock valued at $864,950. Company insiders own 4.93% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Prosperity Bancshares by 17,208.1% in the first quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock valued at $509,091,000 after buying an additional 7,260,798 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of Prosperity Bancshares during the second quarter valued at $60,440,000. FMR LLC raised its position in shares of Prosperity Bancshares by 43.7% in the first quarter. FMR LLC now owns 1,729,603 shares of the bank’s stock valued at $120,571,000 after buying an additional 526,028 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Prosperity Bancshares during the first quarter valued at $35,311,000. Finally, State Street Corp raised its position in shares of Prosperity Bancshares by 16.0% in the first quarter. State Street Corp now owns 3,550,676 shares of the bank’s stock valued at $247,517,000 after buying an additional 489,811 shares during the last quarter. 72.90% of the stock is currently owned by institutional investors.
Prosperity Bancshares (NYSE:PB) traded down 0.96% during trading on Monday, reaching $59.75. 321,578 shares of the company were exchanged. Prosperity Bancshares has a 52-week low of $52.19 and a 52-week high of $77.87. The stock has a market capitalization of $4.15 billion, a PE ratio of 15.13 and a beta of 1.33. The firm’s 50 day moving average is $63.19 and its 200 day moving average is $66.82.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.28%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
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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