Prosperity Bancshares, Inc. (NYSE:PB) – Research analysts at FIG Partners lowered their Q4 2017 earnings estimates for Prosperity Bancshares in a report released on Thursday. FIG Partners analyst J. Rodis now forecasts that the bank will post earnings per share of $0.99 for the quarter, down from their previous estimate of $1.01. FIG Partners also issued estimates for Prosperity Bancshares’ Q1 2018 earnings at $0.97 EPS, Q2 2018 earnings at $1.00 EPS, Q3 2018 earnings at $1.05 EPS, Q4 2018 earnings at $1.07 EPS and FY2018 earnings at $4.09 EPS.
PB has been the subject of a number of other reports. Piper Jaffray Companies reissued a “hold” rating and set a $73.50 price objective on shares of Prosperity Bancshares in a report on Friday, July 14th. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Finally, UBS AG cut Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $71.05.
Prosperity Bancshares (NYSE PB) traded down 1.05% during trading on Monday, hitting $65.09. 130,799 shares of the stock traded hands. Prosperity Bancshares has a one year low of $52.81 and a one year high of $77.87. The stock has a market cap of $4.52 billion, a PE ratio of 16.48 and a beta of 1.36. The company has a 50-day moving average price of $63.79 and a 200 day moving average price of $64.18.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. The business had revenue of $184.96 million during the quarter, compared to analyst estimates of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same quarter in the prior year, the firm earned $0.99 earnings per share.
Several institutional investors have recently bought and sold shares of PB. UBS Asset Management Americas Inc. grew its position in shares of Prosperity Bancshares by 33.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 36,550 shares of the bank’s stock worth $2,548,000 after buying an additional 9,145 shares during the period. Credit Agricole S A grew its position in shares of Prosperity Bancshares by 724.6% during the 1st quarter. Credit Agricole S A now owns 6,391 shares of the bank’s stock worth $446,000 after buying an additional 5,616 shares during the period. OppenheimerFunds Inc. acquired a new position in shares of Prosperity Bancshares during the 1st quarter worth about $271,000. Teachers Advisors LLC grew its position in shares of Prosperity Bancshares by 3.1% during the 1st quarter. Teachers Advisors LLC now owns 114,228 shares of the bank’s stock worth $7,963,000 after buying an additional 3,461 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after buying an additional 269 shares during the period. Institutional investors own 71.97% of the company’s stock.
In related news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the completion of the sale, the director now directly owns 137,800 shares in the company, valued at $8,268,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.93% of the stock is owned by company insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.19%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 34.43%.
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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