Prosperity Bancshares, Inc. (NYSE:PB) – Investment analysts at SunTrust Banks lowered their Q4 2017 EPS estimates for shares of Prosperity Bancshares in a research note issued on Thursday. SunTrust Banks analyst J. Demba now expects that the bank will post earnings of $0.99 per share for the quarter, down from their prior forecast of $1.00. SunTrust Banks currently has a “Buy” rating and a $73.00 target price on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q1 2018 earnings at $0.98 EPS, Q2 2018 earnings at $1.03 EPS and Q3 2018 earnings at $1.05 EPS.
A number of other analysts have also weighed in on the stock. Zacks Investment Research raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Royal Bank Of Canada reissued a “hold” rating and issued a $71.00 price objective on shares of Prosperity Bancshares in a research report on Friday, September 8th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Finally, UBS AG lowered shares of Prosperity Bancshares to an “underperform” rating in a research report on Thursday, August 10th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $71.05.
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Prosperity Bancshares (NYSE PB) traded down 1.05% during midday trading on Monday, reaching $65.09. The company’s stock had a trading volume of 130,799 shares. The firm has a market cap of $4.52 billion, a P/E ratio of 16.48 and a beta of 1.36. The firm has a 50 day moving average price of $63.79 and a 200 day moving average price of $64.18. Prosperity Bancshares has a one year low of $52.81 and a one year high of $77.87.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $184.96 million for the quarter, compared to the consensus estimate of $185.59 million. During the same quarter last year, the business posted $0.99 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, December 14th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.19%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 34.43%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the transaction, the director now directly owns 137,800 shares in the company, valued at $8,268,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.93% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PB. UBS Asset Management Americas Inc. boosted its stake in shares of Prosperity Bancshares by 33.4% during the first quarter. UBS Asset Management Americas Inc. now owns 36,550 shares of the bank’s stock valued at $2,548,000 after purchasing an additional 9,145 shares in the last quarter. Credit Agricole S A boosted its stake in shares of Prosperity Bancshares by 724.6% during the first quarter. Credit Agricole S A now owns 6,391 shares of the bank’s stock valued at $446,000 after purchasing an additional 5,616 shares in the last quarter. OppenheimerFunds Inc. bought a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $271,000. Teachers Advisors LLC boosted its stake in shares of Prosperity Bancshares by 3.1% during the first quarter. Teachers Advisors LLC now owns 114,228 shares of the bank’s stock valued at $7,963,000 after purchasing an additional 3,461 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Prosperity Bancshares by 13.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after purchasing an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 71.97% 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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