Wall Street brokerages predict that Prosperity Bancshares, Inc. (NYSE:PB) will report earnings of $1.18 per share for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Prosperity Bancshares’ earnings, with estimates ranging from $1.16 to $1.19. Prosperity Bancshares posted earnings of $1.17 per share in the same quarter last year, which suggests a positive year over year growth rate of 0.9%. The firm is expected to report its next quarterly earnings report before the market opens on Wednesday, July 24th.
According to Zacks, analysts expect that Prosperity Bancshares will report full year earnings of $4.78 per share for the current financial year, with EPS estimates ranging from $4.75 to $4.82. For the next fiscal year, analysts expect that the business will report earnings of $5.31 per share, with EPS estimates ranging from $5.20 to $5.50. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.01. Prosperity Bancshares had a return on equity of 8.20% and a net margin of 38.42%. The company had revenue of $183.06 million during the quarter, compared to analyst estimates of $185.27 million. During the same period in the previous year, the company earned $1.07 earnings per share.
PB has been the subject of a number of recent research reports. Stephens set a $74.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a research note on Monday, June 17th. Raymond James upgraded Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 target price for the company in a research note on Tuesday, June 18th. FIG Partners restated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Finally, Sanford C. Bernstein lowered Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research note on Tuesday, May 28th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $73.95.
Several institutional investors and hedge funds have recently modified their holdings of PB. Marshall Wace North America L.P. acquired a new position in shares of Prosperity Bancshares during the first quarter valued at $35,000. Captrust Financial Advisors lifted its stake in shares of Prosperity Bancshares by 513.1% during the fourth quarter. Captrust Financial Advisors now owns 607 shares of the bank’s stock valued at $38,000 after acquiring an additional 508 shares during the period. Lake Point Wealth Management acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at $56,000. Advisory Services Network LLC lifted its stake in shares of Prosperity Bancshares by 88.3% during the fourth quarter. Advisory Services Network LLC now owns 900 shares of the bank’s stock valued at $56,000 after acquiring an additional 422 shares during the period. Finally, Toronto Dominion Bank acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at $75,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of PB stock traded up $0.66 during trading hours on Tuesday, reaching $68.41. 541,964 shares of the company’s stock were exchanged, compared to its average volume of 794,645. The business’s fifty day simple moving average is $66.77. The company has a market capitalization of $4.78 billion, a PE ratio of 14.84, a P/E/G ratio of 1.68 and a beta of 1.35. Prosperity Bancshares has a fifty-two week low of $57.01 and a fifty-two week high of $76.25.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Thursday, June 13th. Prosperity Bancshares’s payout ratio is presently 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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