Q4 2018 EPS Estimates for Prosperity Bancshares, Inc. (PB) Lifted by SunTrust Banks
Prosperity Bancshares, Inc. (NYSE:PB) – Investment analysts at SunTrust Banks lifted their Q4 2018 earnings estimates for shares of Prosperity Bancshares in a research note issued to investors on Monday. SunTrust Banks analyst J. Demba now anticipates that the bank will earn $1.25 per share for the quarter, up from their prior forecast of $1.09. SunTrust Banks currently has a “Buy” rating and a $77.00 price target on the stock.
Several other equities analysts also recently weighed in on PB. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Wednesday. Piper Jaffray Companies reiterated a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research report on Tuesday. Zacks Investment Research upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Friday, December 29th. Hovde Group downgraded Prosperity Bancshares from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Finally, Barclays increased their target price on Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $73.27.
Prosperity Bancshares (NYSE PB) traded up $1.50 during midday trading on Tuesday, reaching $74.35. The company had a trading volume of 570,889 shares, compared to its average volume of 482,586. Prosperity Bancshares has a 1 year low of $55.84 and a 1 year high of $77.87. The stock has a market capitalization of $5,060.00, a P/E ratio of 18.87, a PEG ratio of 1.67 and a beta of 1.37.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. The firm had revenue of $184.96 million for the quarter, compared to the consensus estimate of $185.59 million. During the same period in the prior year, the business posted $0.99 earnings per share.
A number of large investors have recently made changes to their positions in PB. Janus Henderson Group PLC increased its stake in Prosperity Bancshares by 108.1% during the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock worth $128,701,000 after acquiring an additional 1,017,115 shares during the last quarter. Koch Industries Inc. acquired a new stake in Prosperity Bancshares during the second quarter worth about $333,000. Deprince Race & Zollo Inc. increased its stake in Prosperity Bancshares by 59.5% during the third quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock worth $45,020,000 after acquiring an additional 255,384 shares during the last quarter. FMR LLC increased its stake in Prosperity Bancshares by 14.5% during the second quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock worth $127,255,000 after acquiring an additional 251,330 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Prosperity Bancshares by 3,568.8% during the third quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock worth $12,532,000 after acquiring an additional 185,472 shares during the last quarter. Institutional investors own 76.80% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, December 14th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.94%. Prosperity Bancshares’s dividend payout ratio is currently 36.55%.
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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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