Analysts Anticipate Prosperity Bancshares, Inc. (NYSE:PB) Will Announce Quarterly Sales of $279.86 Million

Equities analysts expect that Prosperity Bancshares, Inc. (NYSE:PB) will report $279.86 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Prosperity Bancshares’ earnings, with estimates ranging from $273.50 million to $283.80 million. Prosperity Bancshares reported sales of $293.04 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 4.5%. The firm is expected to report its next quarterly earnings results on Wednesday, October 27th.

On average, analysts expect that Prosperity Bancshares will report full year sales of $1.13 billion for the current year, with estimates ranging from $1.12 billion to $1.14 billion. For the next fiscal year, analysts expect that the company will post sales of $1.12 billion, with estimates ranging from $1.09 billion to $1.15 billion. Zacks’ sales averages are a mean average based on a survey of research firms that cover Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Tuesday, July 27th. The bank reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. Prosperity Bancshares had a return on equity of 8.60% and a net margin of 43.00%.

Several research firms recently commented on PB. Raymond James cut their price target on Prosperity Bancshares from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, July 29th. Morgan Stanley lowered their price objective on Prosperity Bancshares from $84.00 to $81.00 and set an “equal weight” rating for the company in a report on Monday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $75.83.

In related news, Director Robert H. Steelhammer sold 1,075 shares of the firm’s stock in a transaction that occurred on Wednesday, June 23rd. The shares were sold at an average price of $71.94, for a total value of $77,335.50. Following the completion of the sale, the director now owns 135,355 shares of the company’s stock, valued at $9,737,438.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.17% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. FORA Capital LLC bought a new position in Prosperity Bancshares in the 1st quarter valued at approximately $26,000. First Mercantile Trust Co. acquired a new position in Prosperity Bancshares in the 1st quarter valued at approximately $27,000. Marshall Wace North America L.P. acquired a new position in Prosperity Bancshares in the 1st quarter valued at approximately $35,000. First Horizon Advisors Inc. increased its position in Prosperity Bancshares by 235.5% in the 1st quarter. First Horizon Advisors Inc. now owns 661 shares of the bank’s stock valued at $49,000 after acquiring an additional 464 shares during the period. Finally, TCTC Holdings LLC acquired a new position in Prosperity Bancshares in the 1st quarter valued at approximately $66,000. Institutional investors own 78.13% of the company’s stock.

Shares of PB traded up $0.61 during midday trading on Friday, reaching $66.17. 2,556 shares of the company were exchanged, compared to its average volume of 393,316. Prosperity Bancshares has a 1-year low of $48.80 and a 1-year high of $83.02. The stock has a 50-day moving average price of $69.36 and a 200-day moving average price of $73.13. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 1.20 and a beta of 1.29.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Wednesday, September 15th will be paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Tuesday, September 14th. Prosperity Bancshares’s payout ratio is presently 35.38%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan services, investments, trust, and credit card to small and medium-sized businesses and consumers.

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

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