According to Zacks, “Prosperity Bancshares’ estimates have been stable lately ahead of its third-quarter 2016 earnings release. Also, the company has positive record of earnings surprises in recent quarters. Further, its organic growth story remains healthy, driven by steady rise in loan and deposits balances. An anticipated increase in loan demand and the likely rise in interest rates will boost NIM. Moreover, given the strong balance sheet position, the company is well positioned to expand further through acquisitions. However, mounting operating expenses remain a major headwind given the company’s investment in franchise. Also, exposure in energy sector loans is expected to hamper its credit quality in the near term. Regulatory pressure is expected to further add to the company’s limitations.”
Other equities research analysts have also recently issued research reports about the company. Evercore ISI upgraded Prosperity Bancshares from a hold rating to a buy rating and set a $60.00 target price on the stock in a report on Thursday, June 9th. Compass Point assumed coverage on Prosperity Bancshares in a report on Tuesday, June 7th. They set a neutral rating and a $50.00 price objective on the stock. Finally, Hovde Group upgraded Prosperity Bancshares from a market perform rating to an outperform rating and set a $54.00 price objective on the stock in a report on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $50.85.
Shares of Prosperity Bancshares (NYSE:PB) opened at 55.30 on Monday. The stock has a market cap of $3.84 billion, a P/E ratio of 13.93 and a beta of 1.29. The company has a 50 day moving average price of $54.25 and a 200 day moving average price of $51.43. Prosperity Bancshares has a 12-month low of $33.57 and a 12-month high of $57.04.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same period last year, the firm posted $1.03 EPS. Analysts anticipate that Prosperity Bancshares will post $3.94 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.17%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 30.15%.
In other news, Director Robert H. Steelhammer sold 2,900 shares of Prosperity Bancshares stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the sale, the director now directly owns 160,800 shares of the company’s stock, valued at $8,683,200. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Perry Mueller, Jr. sold 13,536 shares of Prosperity Bancshares stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the sale, the director now directly owns 6,723 shares in the company, valued at $363,042. The disclosure for this sale can be found here. 4.90% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in PB. Aperio Group LLC raised its stake in shares of Prosperity Bancshares by 33.8% in the first quarter. Aperio Group LLC now owns 99,665 shares of the company’s stock worth $4,623,000 after buying an additional 25,176 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Prosperity Bancshares by 2.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,145 shares of the company’s stock worth $981,000 after buying an additional 575 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Prosperity Bancshares by 90.5% in the first quarter. Prudential Financial Inc. now owns 397,676 shares of the company’s stock worth $18,448,000 after buying an additional 188,890 shares during the last quarter. BlackRock Inc. raised its stake in shares of Prosperity Bancshares by 8.5% in the first quarter. BlackRock Inc. now owns 26,464 shares of the company’s stock worth $1,227,000 after buying an additional 2,073 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Prosperity Bancshares by 23.8% in the first quarter. BlackRock Group LTD now owns 44,374 shares of the company’s stock worth $2,059,000 after buying an additional 8,529 shares during the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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