Prosperity Bancshares, Inc. (NYSE:PB) Expected to Announce Earnings of $1.40 Per Share


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Brokerages expect Prosperity Bancshares, Inc. (NYSE:PB) to report earnings per share (EPS) of $1.40 for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Prosperity Bancshares’ earnings, with the lowest EPS estimate coming in at $1.33 and the highest estimate coming in at $1.46. Prosperity Bancshares reported earnings of $1.25 per share in the same quarter last year, which would indicate a positive year over year growth rate of 12%. The company is expected to issue its next quarterly earnings report on Wednesday, August 4th.

According to Zacks, analysts expect that Prosperity Bancshares will report full year earnings of $5.54 per share for the current fiscal year, with EPS estimates ranging from $4.97 to $5.75. For the next year, analysts forecast that the business will report earnings of $5.34 per share, with EPS estimates ranging from $4.78 to $5.71. Zacks’ EPS averages are an average based on a survey of sell-side analysts that follow Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Tuesday, April 27th. The bank reported $1.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.06. Prosperity Bancshares had a net margin of 37.67% and a return on equity of 8.42%. During the same quarter last year, the firm posted $1.39 EPS.

A number of analysts have issued reports on PB shares. Raymond James boosted their target price on Prosperity Bancshares from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Tuesday, April 13th. Truist Securities boosted their target price on Prosperity Bancshares from $78.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, March 15th. Morgan Stanley boosted their target price on Prosperity Bancshares from $81.00 to $84.00 and gave the company an “equal weight” rating in a research report on Tuesday. Bank of America lowered Prosperity Bancshares from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 7th. Finally, Truist boosted their target price on Prosperity Bancshares from $78.00 to $88.00 in a research report on Monday, March 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $73.00.

In other Prosperity Bancshares news, Director George A. Fisk sold 2,000 shares of the company’s stock in a transaction on Monday, March 8th. The shares were sold at an average price of $78.17, for a total value of $156,340.00. Following the completion of the transaction, the director now owns 95,744 shares in the company, valued at $7,484,308.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George A. Fisk sold 1,733 shares of the company’s stock in a transaction on Friday, March 12th. The shares were sold at an average price of $79.31, for a total transaction of $137,444.23. Following the completion of the transaction, the director now owns 94,011 shares of the company’s stock, valued at approximately $7,456,012.41. The disclosure for this sale can be found here. Insiders own 4.01% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in shares of Prosperity Bancshares by 4.8% in the first quarter. Victory Capital Management Inc. now owns 3,741,765 shares of the bank’s stock valued at $280,220,000 after buying an additional 172,525 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Prosperity Bancshares by 443.8% in the fourth quarter. Principal Financial Group Inc. now owns 1,664,384 shares of the bank’s stock valued at $115,441,000 after buying an additional 1,358,293 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Prosperity Bancshares by 8.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,454,290 shares of the bank’s stock valued at $100,870,000 after buying an additional 109,295 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Prosperity Bancshares by 29.7% in the fourth quarter. Brown Advisory Inc. now owns 1,436,188 shares of the bank’s stock valued at $99,614,000 after buying an additional 328,786 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Prosperity Bancshares by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,185,562 shares of the bank’s stock valued at $82,231,000 after buying an additional 27,527 shares during the last quarter. 76.72% of the stock is owned by institutional investors and hedge funds.

Shares of PB stock traded up $1.45 during trading on Tuesday, hitting $75.92. 400,695 shares of the stock traded hands, compared to its average volume of 420,966. The firm has a market capitalization of $7.06 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.37 and a beta of 1.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.81 and a quick ratio of 0.80. The firm’s fifty day moving average price is $76.11 and its 200-day moving average price is $69.47. Prosperity Bancshares has a 52-week low of $48.80 and a 52-week high of $83.02.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Tuesday, June 15th will be paid a dividend of $0.49 per share. The ex-dividend date of this dividend is Monday, June 14th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.58%. Prosperity Bancshares’s payout ratio is currently 39.04%.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts; and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural real estate, 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.

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