Zacks: Analysts Expect Prosperity Bancshares, Inc. (NYSE:PB) to Announce $1.29 EPS

Wall Street brokerages expect that Prosperity Bancshares, Inc. (NYSE:PB) will report $1.29 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Prosperity Bancshares’ earnings, with estimates ranging from $1.23 to $1.36. Prosperity Bancshares posted earnings of $1.18 per share in the same quarter last year, which would indicate a positive year over year growth rate of 9.3%. The business is scheduled to announce its next earnings results on Wednesday, April 22nd.

According to Zacks, analysts expect that Prosperity Bancshares will report full year earnings of $5.40 per share for the current year, with EPS estimates ranging from $5.10 to $5.68. For the next financial year, analysts expect that the firm will post earnings of $5.60 per share, with EPS estimates ranging from $5.45 to $5.77. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that follow Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.22. Prosperity Bancshares had a return on equity of 8.04% and a net margin of 34.66%. The business had revenue of $267.54 million for the quarter, compared to analysts’ expectations of $248.69 million. During the same quarter in the previous year, the business posted $1.19 EPS.

Several brokerages have issued reports on PB. Raymond James upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price objective for the company in a research report on Thursday, January 30th. ValuEngine lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, December 20th. Stephens increased their target price on Prosperity Bancshares from $75.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. Hovde Group cut Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a report on Wednesday, December 11th. Finally, Piper Jaffray Companies set a $75.50 price target on Prosperity Bancshares and gave the company a “hold” rating in a research note on Friday, October 25th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Prosperity Bancshares has a consensus rating of “Hold” and an average target price of $75.93.

Shares of PB stock traded up $0.11 on Friday, hitting $74.00. 387,900 shares of the stock were exchanged, compared to its average volume of 702,752. The firm has a market capitalization of $5.02 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 1.34 and a beta of 1.29. Prosperity Bancshares has a fifty-two week low of $61.85 and a fifty-two week high of $75.36. The business has a 50-day moving average of $71.03 and a 200 day moving average of $69.58. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.02.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.84 annualized dividend and a dividend yield of 2.49%. Prosperity Bancshares’s dividend payout ratio is currently 36.65%.

In other Prosperity Bancshares news, COO Kevin J. Hanigan purchased 3,000 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, December 2nd. The stock was acquired at an average price of $69.24 per share, with a total value of $207,720.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.86% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of PB. Dupont Capital Management Corp increased its holdings in Prosperity Bancshares by 38.3% during the 3rd quarter. Dupont Capital Management Corp now owns 7,063 shares of the bank’s stock worth $499,000 after acquiring an additional 1,956 shares during the period. First Trust Advisors LP grew its position in shares of Prosperity Bancshares by 94.0% during the 3rd quarter. First Trust Advisors LP now owns 119,763 shares of the bank’s stock valued at $8,459,000 after purchasing an additional 58,032 shares in the last quarter. Metropolitan Life Insurance Co NY grew its position in shares of Prosperity Bancshares by 1.1% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 19,194 shares of the bank’s stock valued at $1,356,000 after purchasing an additional 216 shares in the last quarter. Copeland Capital Management LLC grew its position in shares of Prosperity Bancshares by 1.6% during the 4th quarter. Copeland Capital Management LLC now owns 133,530 shares of the bank’s stock valued at $9,599,000 after purchasing an additional 2,047 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Prosperity Bancshares in the third quarter worth $347,000. 86.15% of the stock is currently owned by institutional investors.

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.

Further Reading: Neutral Rating

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

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