SunTrust Banks Weighs in on Prosperity Bancshares, Inc.’s Q1 2018 Earnings (PB)
Prosperity Bancshares, Inc. (NYSE:PB) – SunTrust Banks boosted their Q1 2018 earnings per share (EPS) estimates for Prosperity Bancshares in a research note issued on Monday. SunTrust Banks analyst J. Demba now forecasts that the bank will post earnings of $1.13 per share for the quarter, up from their prior estimate of $0.98. SunTrust Banks currently has a “Buy” rating and a $77.00 target price on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q2 2018 earnings at $1.19 EPS, Q3 2018 earnings at $1.21 EPS, FY2018 earnings at $4.78 EPS and FY2019 earnings at $5.18 EPS.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.02. The firm had revenue of $184.96 million during the quarter, compared to the consensus estimate of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same period in the prior year, the company posted $0.99 earnings per share.
PB has been the subject of several other reports. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Barclays increased their price objective on Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $79.00 price objective on shares of Prosperity Bancshares in a report on Friday, December 22nd. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, November 30th. Finally, Hovde Group downgraded Prosperity Bancshares from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $70.00 to $68.00 in a report on Tuesday, January 2nd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $73.27.
Prosperity Bancshares (NYSE:PB) traded up $1.85 during mid-day trading on Wednesday, hitting $72.85. The stock had a trading volume of 658,200 shares, compared to its average volume of 469,971. The firm has a market capitalization of $5,060.00, a P/E ratio of 18.49, a P/E/G ratio of 1.67 and a beta of 1.37. Prosperity Bancshares has a 1-year low of $55.84 and a 1-year high of $77.87.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Thursday, December 14th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s dividend payout ratio is 36.55%.
Several institutional investors have recently added to or reduced their stakes in PB. Canada Pension Plan Investment Board purchased a new position in Prosperity Bancshares in the third quarter worth $105,000. Pacad Investment Ltd. purchased a new position in Prosperity Bancshares in the second quarter worth $109,000. PNC Financial Services Group Inc. raised its position in Prosperity Bancshares by 8.3% in the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock worth $156,000 after acquiring an additional 185 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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. Finally, Riverhead Capital Management LLC increased its position in shares of Prosperity Bancshares by 42.8% in the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after buying an additional 1,028 shares in the last quarter. Institutional investors and hedge funds own 76.80% of the company’s stock.
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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