Prosperity Bancshares, Inc. (NYSE:PB) – SunTrust Banks lowered their Q3 2017 earnings per share estimates for Prosperity Bancshares in a research report issued on Wednesday. SunTrust Banks analyst J. Demba now expects that the bank will post earnings per share of $1.00 for the quarter, down from their prior estimate of $1.04. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q4 2017 earnings at $0.99 EPS, FY2017 earnings at $3.96 EPS, Q2 2018 earnings at $1.01 EPS, Q3 2018 earnings at $1.04 EPS, Q4 2018 earnings at $1.03 EPS and FY2018 earnings at $4.04 EPS.
A number of other research analysts have also commented on the company. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Prosperity Bancshares in a report on Thursday, April 6th. Keefe, Bruyette & Woods lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $81.00 to $76.00 in a report on Thursday, April 27th. Wedbush upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price target for the company in a report on Friday, May 19th. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $63.00 to $65.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Finally, Hovde Group cut their price target on Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating for the company in a report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company’s stock. Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $71.17.
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Shares of Prosperity Bancshares (NYSE:PB) opened at 63.52 on Friday. Prosperity Bancshares has a 52-week low of $49.46 and a 52-week high of $77.87. The stock’s 50 day moving average is $64.79 and its 200-day moving average is $68.49. The firm has a market cap of $4.41 billion, a P/E ratio of 16.08 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by $0.01. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. The company had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. During the same period in the previous year, the business posted $0.98 EPS.
Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its stake in Prosperity Bancshares by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock worth $489,000 after buying an additional 40 shares in the last quarter. Sigma Planning Corp boosted its stake in Prosperity Bancshares by 0.9% in the first quarter. Sigma Planning Corp now owns 5,225 shares of the bank’s stock worth $364,000 after buying an additional 47 shares in the last quarter. World Asset Management Inc boosted its stake in Prosperity Bancshares by 1.8% in the first quarter. World Asset Management Inc now owns 4,265 shares of the bank’s stock worth $297,000 after buying an additional 77 shares in the last quarter. Bank of Montreal Can boosted its stake in Prosperity Bancshares by 0.5% in the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock worth $1,348,000 after buying an additional 98 shares in the last quarter. Finally, Albert D Mason Inc. boosted its stake in Prosperity Bancshares by 0.4% in the first quarter. Albert D Mason Inc. now owns 32,746 shares of the bank’s stock worth $2,283,000 after buying an additional 115 shares in the last quarter. Institutional investors and hedge funds own 75.43% of the company’s stock.
In other news, Director Robert H. Steelhammer sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total transaction of $257,400.00. Following the sale, the director now directly owns 147,800 shares in the company, valued at $9,510,930. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert H. Steelhammer sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total value of $651,000.00. Following the sale, the director now owns 156,800 shares in the company, valued at $10,207,680. The disclosure for this sale can be found here. Insiders own 4.93% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is presently 34.34%.
Prosperity Bancshares Company Profile
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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