Prosperity Bancshares Inc. (NYSE:PB) – Equities research analysts at FBR & Co dropped their Q3 2016 earnings per share (EPS) estimates for shares of Prosperity Bancshares in a research report issued on Monday. FBR & Co analyst S. Moss now expects that the firm will earn $0.97 per share for the quarter, down from their prior estimate of $1.00. FBR & Co currently has a “Outperform” rating and a $60.00 target price on the stock. FBR & Co also issued estimates for Prosperity Bancshares’ Q4 2016 earnings at $0.98 EPS, FY2016 earnings at $3.91 EPS, Q1 2017 earnings at $0.96 EPS, Q2 2017 earnings at $0.98 EPS, Q3 2017 earnings at $1.03 EPS, Q4 2017 earnings at $1.04 EPS, FY2017 earnings at $4.01 EPS, Q1 2018 earnings at $1.02 EPS, Q2 2018 earnings at $1.05 EPS, Q3 2018 earnings at $1.11 EPS and FY2018 earnings at $4.29 EPS.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 in the prior year, the firm posted $1.03 EPS.
A number of other research analysts have also weighed in on the stock. Hovde Group raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, June 29th. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. SunTrust Banks Inc. assumed coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating on the stock. Wedbush assumed coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They set a “neutral” rating and a $54.00 target price on the stock. Finally, Deutsche Bank AG increased their price objective on shares of Prosperity Bancshares from $54.00 to $59.00 and gave the company a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $52.08.
Prosperity Bancshares (NYSE:PB) traded down 4.36% during midday trading on Thursday, hitting $53.05. The stock had a trading volume of 107,984 shares. The stock’s 50 day moving average price is $54.43 and its 200-day moving average price is $51.69. Prosperity Bancshares has a 52 week low of $33.57 and a 52 week high of $57.04. The company has a market cap of $3.69 billion, a PE ratio of 13.36 and a beta of 1.29.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is 30.15%.
In other Prosperity Bancshares news, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the sale, the director now owns 6,723 shares in the company, valued at $363,042. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total transaction of $156,600.00. Following the completion of the sale, the director now owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Sigma Planning Corp boosted its stake in shares of Prosperity Bancshares by 0.7% in the second quarter. Sigma Planning Corp now owns 5,219 shares of the company’s stock worth $266,000 after buying an additional 35 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Prosperity Bancshares by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 47,313 shares of the company’s stock worth $2,412,000 after buying an additional 134 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in shares of Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock worth $151,000 after buying an additional 145 shares in the last quarter. LaSalle Street Capital Management LLC boosted its stake in shares of Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock worth $230,000 after buying an additional 152 shares in the last quarter. Finally, Albert D Mason Inc. boosted its stake in shares of Prosperity Bancshares by 0.4% in the second quarter. Albert D Mason Inc. now owns 49,066 shares of the company’s stock worth $2,502,000 after buying an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 80.30% of the company’s stock.
Prosperity Bancshares Company Profile
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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