Prosperity Bancshares, Inc. (NYSE:PB) – Analysts at SunTrust Banks dropped their Q4 2017 earnings per share estimates for shares of Prosperity Bancshares in a research note issued to investors on Thursday. SunTrust Banks analyst J. Demba now anticipates that the bank will earn $0.99 per share for the quarter, down from their prior estimate of $1.00. SunTrust Banks currently has a “Buy” rating and a $73.00 target price on the stock. SunTrust Banks also issued estimates for Prosperity Bancshares’ Q1 2018 earnings at $0.98 EPS, Q2 2018 earnings at $1.03 EPS and Q3 2018 earnings at $1.05 EPS.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The company had revenue of $184.96 million for the quarter, compared to the consensus estimate of $185.59 million. During the same quarter in the prior year, the firm earned $0.99 earnings per share.
Several other research firms have also recently commented on PB. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Piper Jaffray Companies restated a “hold” rating and set a $73.50 price target on shares of Prosperity Bancshares in a report on Friday, July 14th. BidaskClub cut shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a report on Sunday, July 16th. Stephens set a $73.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Prosperity Bancshares presently has an average rating of “Hold” and an average target price of $71.05.
Shares of Prosperity Bancshares (PB) opened at 66.91 on Monday. The firm has a 50 day moving average of $63.38 and a 200 day moving average of $64.20. Prosperity Bancshares has a one year low of $52.81 and a one year high of $77.87. The stock has a market cap of $4.65 billion, a P/E ratio of 16.94 and a beta of 1.36.
A number of institutional investors and hedge funds have recently modified their holdings of PB. Huntington National Bank raised its position in Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after acquiring an additional 143 shares in the last quarter. Pacad Investment Ltd. bought a new position in Prosperity Bancshares during the second quarter valued at approximately $109,000. PNC Financial Services Group Inc. raised its position in Prosperity Bancshares by 13.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after acquiring an additional 269 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Prosperity Bancshares by 17.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after acquiring an additional 369 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its position in Prosperity Bancshares by 42.8% during the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after acquiring an additional 1,028 shares in the last quarter. 71.97% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the transaction, the director now owns 137,800 shares of the company’s stock, valued at $8,268,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.93% of the stock is currently owned by company insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Thursday, December 14th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 34.43%.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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