Prosperity Bancshares, Inc. Expected to Earn FY2018 Earnings of $4.60 Per Share (PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at SunTrust Banks decreased their FY2018 earnings per share estimates for shares of Prosperity Bancshares in a research note issued to investors on Wednesday, October 24th. SunTrust Banks analyst J. Demba now anticipates that the bank will post earnings per share of $4.60 for the year, down from their previous estimate of $4.65. SunTrust Banks currently has a “Buy” rating and a $68.00 price target on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q4 2018 earnings at $1.18 EPS.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 24th. The bank reported $1.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.18. The firm had revenue of $187.94 million during the quarter, compared to analyst estimates of $189.08 million. Prosperity Bancshares had a net margin of 36.91% and a return on equity of 7.86%. During the same quarter last year, the business earned $0.98 earnings per share.

A number of other equities research analysts also recently issued reports on the stock. Hovde Group raised shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 price target on the stock in a report on Monday, July 9th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Monday, July 9th. Stephens reissued a “hold” rating and issued a $75.00 price target on shares of Prosperity Bancshares in a report on Wednesday, July 25th. Morgan Stanley lowered their price target on shares of Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 18th. Finally, Robert W. Baird raised shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a report on Thursday, October 25th. Nine analysts have rated the stock with 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 $73.60.

Shares of NYSE:PB opened at $65.37 on Monday. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 16.59, a price-to-earnings-growth ratio of 1.61 and a beta of 1.35. Prosperity Bancshares has a twelve month low of $60.15 and a twelve month high of $79.20.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Saturday, December 15th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.51%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 36.55%.

In related news, Director Harrison Stafford II sold 1,900 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $72.97, for a total value of $138,643.00. Following the sale, the director now directly owns 103,562 shares of the company’s stock, valued at $7,556,919.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 3,615 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $62.97, for a total transaction of $227,636.55. Following the completion of the sale, the director now directly owns 135,235 shares in the company, valued at $8,515,747.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,515 shares of company stock worth $442,370. Insiders own 5.05% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sun Life Financial INC purchased a new stake in Prosperity Bancshares in the second quarter valued at approximately $127,000. Oppenheimer Asset Management Inc. purchased a new stake in Prosperity Bancshares in the third quarter valued at approximately $200,000. GWM Advisors LLC purchased a new stake in Prosperity Bancshares in the second quarter valued at approximately $212,000. Benjamin F. Edwards & Company Inc. purchased a new stake in Prosperity Bancshares in the third quarter valued at approximately $222,000. Finally, GSA Capital Partners LLP purchased a new stake in Prosperity Bancshares in the first quarter valued at approximately $228,000. 77.61% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Story: Price to Earnings Ratio (PE), For Valuing Stocks

Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply