Analysts forecast that Prosperity Bancshares, Inc. (NYSE:PB) will announce $186.94 million in sales for the current quarter, according to Zacks. Six analysts have issued estimates for Prosperity Bancshares’ earnings, with the lowest sales estimate coming in at $186.10 million and the highest estimate coming in at $188.20 million. Prosperity Bancshares posted sales of $190.17 million in the same quarter last year, which suggests a negative year over year growth rate of 1.7%. The firm is scheduled to announce its next earnings results before the market opens on Wednesday, July 24th.
According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $752.20 million for the current fiscal year, with estimates ranging from $751.40 million to $753.50 million. For the next financial year, analysts expect that the business will report sales of $1.17 billion, with estimates ranging from $1.14 billion to $1.20 billion. 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, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.01. The company had revenue of $183.06 million during the quarter, compared to analyst estimates of $185.27 million. Prosperity Bancshares had a return on equity of 8.20% and a net margin of 38.42%. During the same quarter last year, the company earned $1.07 EPS.
PB has been the subject of several recent research reports. Sanford C. Bernstein lowered Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research report on Tuesday, May 28th. Raymond James upgraded Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 price target for the company in a report on Tuesday, June 18th. Stephens set a $74.00 price target on Prosperity Bancshares and gave the company a “hold” rating in a report on Monday, June 17th. FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a report on Wednesday, April 24th. Finally, Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $73.95.
A number of large investors have recently bought and sold shares of PB. Marshall Wace North America L.P. purchased a new stake in shares of Prosperity Bancshares during the 1st quarter worth about $35,000. Captrust Financial Advisors boosted its stake in shares of Prosperity Bancshares by 513.1% during the 4th quarter. Captrust Financial Advisors now owns 607 shares of the bank’s stock worth $38,000 after acquiring an additional 508 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Prosperity Bancshares by 88.3% during the 4th quarter. Advisory Services Network LLC now owns 900 shares of the bank’s stock worth $56,000 after acquiring an additional 422 shares in the last quarter. Lake Point Wealth Management purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth about $56,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth about $75,000. 82.48% of the stock is currently owned by institutional investors.
Shares of PB stock traded up $0.66 on Thursday, reaching $68.41. The stock had a trading volume of 541,964 shares, compared to its average volume of 794,645. Prosperity Bancshares has a 1 year low of $57.01 and a 1 year high of $76.25. The stock’s 50 day simple moving average is $66.77. The firm has a market cap of $4.78 billion, a PE ratio of 14.84, a P/E/G ratio of 1.68 and a beta of 1.35.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.40%. The ex-dividend date was Thursday, June 13th. Prosperity Bancshares’s payout ratio is 35.57%.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage 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.
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