Prosperity Bancshares, Inc. (NYSE:PB) – Investment analysts at Piper Jaffray Companies dropped their FY2018 earnings per share estimates for Prosperity Bancshares in a research note issued to investors on Wednesday, October 24th. Piper Jaffray Companies analyst B. Rabatin now anticipates that the bank will earn $4.57 per share for the year, down from their previous forecast of $4.61. Piper Jaffray Companies also issued estimates for Prosperity Bancshares’ Q4 2018 earnings at $1.15 EPS, Q1 2019 earnings at $1.15 EPS, Q2 2019 earnings at $1.20 EPS, Q3 2019 earnings at $1.22 EPS, Q4 2019 earnings at $1.24 EPS, FY2019 earnings at $4.81 EPS, Q1 2020 earnings at $1.24 EPS, Q2 2020 earnings at $1.30 EPS, Q3 2020 earnings at $1.34 EPS and FY2020 earnings at $5.25 EPS.
Other equities analysts have also recently issued research reports about the company. SunTrust Banks reiterated a “buy” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Friday, July 27th. Morgan Stanley dropped their target price on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. Stephens set a $70.00 target price on Prosperity Bancshares and gave the stock a “hold” rating in a report on Wednesday. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday. Finally, Hovde Group upgraded Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 target price for the company in a report on Monday, July 9th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $73.60.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 24th. The bank reported $1.18 earnings per share for the quarter, meeting the consensus estimate of $1.18. The business had revenue of $187.94 million during the quarter, compared to analysts’ expectations of $189.08 million. Prosperity Bancshares had a return on equity of 7.59% and a net margin of 35.75%. During the same quarter last year, the business posted $0.98 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Saturday, December 15th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.64 dividend on an annualized basis and a yield of 2.61%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.36. Prosperity Bancshares’s payout ratio is presently 36.55%.
In other Prosperity Bancshares news, Director Harrison Stafford II sold 1,900 shares of Prosperity Bancshares stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $72.97, for a total transaction of $138,643.00. Following the completion of the sale, the director now directly owns 103,562 shares of the company’s stock, valued at approximately $7,556,919.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leah Henderson sold 1,000 shares of Prosperity Bancshares stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $76.09, for a total value of $76,090.00. Following the sale, the director now directly owns 1,050 shares of the company’s stock, valued at $79,894.50. The disclosure for this sale can be found here. 5.05% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PB. Sun Life Financial INC bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth $127,000. Massachusetts Financial Services Co. MA raised its position in shares of Prosperity Bancshares by 32.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 373,160 shares of the bank’s stock worth $25,509,000 after acquiring an additional 92,185 shares in the last quarter. TD Asset Management Inc. raised its position in shares of Prosperity Bancshares by 4.5% in the 2nd quarter. TD Asset Management Inc. now owns 25,100 shares of the bank’s stock worth $1,716,000 after acquiring an additional 1,080 shares in the last quarter. Davy Asset Management Ltd bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth $839,000. Finally, Skba Capital Management LLC acquired a new position in Prosperity Bancshares during the 2nd quarter valued at about $7,215,000. 77.66% of the stock is owned by institutional investors and hedge funds.
About Prosperity Bancshares
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.
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