Wall Street brokerages forecast that Prosperity Bancshares (NYSE:PB) will report $1.14 earnings per share for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Prosperity Bancshares’ earnings, with the highest EPS estimate coming in at $1.15 and the lowest estimate coming in at $1.11. Prosperity Bancshares posted earnings of $0.99 per share in the same quarter last year, which would suggest a positive year over year growth rate of 15.2%. The company is scheduled to report its next quarterly earnings results before the market opens on Wednesday, April 25th.
On average, analysts expect that Prosperity Bancshares will report full year earnings of $4.77 per share for the current financial year, with EPS estimates ranging from $4.68 to $4.86. For the next financial year, analysts forecast that the firm will report earnings of $5.08 per share, with EPS estimates ranging from $4.95 to $5.33. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million during the quarter, compared to analysts’ expectations of $185.43 million. Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. During the same quarter in the prior year, the firm posted $0.99 EPS.
Several research firms have recently commented on PB. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday. DA Davidson lifted their price objective on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. ValuEngine upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. SunTrust Banks reiterated a “buy” rating and issued a $85.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 25th. Finally, Piper Jaffray reiterated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus target price of $74.45.
PB opened at $72.35 on Friday. The stock has a market capitalization of $5,138.22, a PE ratio of 18.36, a P/E/G ratio of 1.54 and a beta of 1.32. Prosperity Bancshares has a 12 month low of $55.84 and a 12 month high of $79.20.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Friday, March 16th were paid a $0.36 dividend. The ex-dividend date was Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.99%. Prosperity Bancshares’s payout ratio is presently 36.55%.
Prosperity Bancshares announced that its board has initiated a stock buyback program on Friday, January 19th that allows the company to repurchase 3,470,000 outstanding shares. This repurchase authorization allows the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other Prosperity Bancshares news, insider Michael Epps sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total transaction of $300,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David Hollaway sold 1,800 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $75.60, for a total value of $136,080.00. Following the sale, the chief financial officer now directly owns 168,684 shares in the company, valued at $12,752,510.40. The disclosure for this sale can be found here. Insiders sold 10,800 shares of company stock worth $818,280 over the last three months. 5.05% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of PB. Tower Research Capital LLC TRC bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $127,000. Icon Wealth Partners LLC bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $177,000. Arvest Bank Trust Division bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $210,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Prosperity Bancshares by 39.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock valued at $243,000 after acquiring an additional 980 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $273,000. 77.77% of the stock is currently owned by institutional investors and hedge funds.
Prosperity Bancshares Company Profile
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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