Zacks: Analysts Anticipate Prosperity Bancshares, Inc. (NYSE:PB) Will Post Earnings of $1.18 Per Share

Wall Street analysts forecast that Prosperity Bancshares, Inc. (NYSE:PB) will post earnings of $1.18 per share for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Prosperity Bancshares’ earnings. The lowest EPS estimate is $1.16 and the highest is $1.20. Prosperity Bancshares also posted earnings of $1.18 per share during the same quarter last year. The business is expected to issue its next quarterly earnings report on Wednesday, October 23rd.

According to Zacks, analysts expect that Prosperity Bancshares will report full-year earnings of $4.76 per share for the current year, with EPS estimates ranging from $4.72 to $4.83. For the next financial year, analysts expect that the business will report earnings of $5.26 per share, with EPS estimates ranging from $5.10 to $5.50. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that cover Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.18 EPS for the quarter, hitting analysts’ consensus estimates of $1.18. The firm had revenue of $184.80 million for the quarter, compared to the consensus estimate of $186.94 million. Prosperity Bancshares had a net margin of 38.27% and a return on equity of 8.12%. During the same quarter in the previous year, the firm earned $1.17 earnings per share.

A number of research firms recently commented on PB. Sanford C. Bernstein downgraded shares of Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a report on Tuesday, May 28th. Raymond James upgraded shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 target price for the company in a research report on Tuesday, June 18th. Stephens set a $74.00 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research report on Monday, June 17th. Finally, FIG Partners restated a “market-perform” rating on shares of Prosperity Bancshares in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Prosperity Bancshares currently has an average rating of “Hold” and an average price target of $73.95.

In other Prosperity Bancshares news, Vice Chairman H E. Timanus, Jr. bought 10,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $64.39 per share, for a total transaction of $643,900.00. Following the completion of the transaction, the insider now owns 148,837 shares in the company, valued at approximately $9,583,614.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.86% of the company’s stock.

Several large investors have recently bought and sold shares of PB. Schroder Investment Management Group purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $3,049,000. Nuveen Asset Management LLC purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $10,266,000. Victory Capital Management Inc. grew its stake in Prosperity Bancshares by 4.3% during the second quarter. Victory Capital Management Inc. now owns 3,592,043 shares of the bank’s stock worth $237,254,000 after buying an additional 149,677 shares during the period. UBS Asset Management Americas Inc. grew its stake in Prosperity Bancshares by 9.8% during the second quarter. UBS Asset Management Americas Inc. now owns 84,811 shares of the bank’s stock worth $5,602,000 after buying an additional 7,542 shares during the period. Finally, Jane Street Group LLC purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $345,000. 83.59% of the stock is owned by institutional investors and hedge funds.

PB stock traded up $1.46 during trading on Friday, reaching $64.95. 1,005,968 shares of the company were exchanged, compared to its average volume of 451,277. The company has a market cap of $4.54 billion, a P/E ratio of 14.09, a PEG ratio of 1.63 and a beta of 1.34. Prosperity Bancshares has a 52-week low of $57.01 and a 52-week high of $76.25. The stock’s 50 day moving average price is $67.13 and its 200 day moving average price is $69.77.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 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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Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

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