Prosperity Bancshares, Inc. (NYSE:PB) – DA Davidson lifted their Q3 2017 earnings per share estimates for shares of Prosperity Bancshares in a report released on Thursday. DA Davidson analyst G. Tenner now forecasts that the bank will earn $1.03 per share for the quarter, up from their previous estimate of $1.02. DA Davidson also issued estimates for Prosperity Bancshares’ FY2017 earnings at $4.04 EPS.
A number of other analysts have also recently commented on PB. UBS AG cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, April 6th. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Prosperity Bancshares in a report on Thursday, April 6th. Keefe, Bruyette & Woods cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $81.00 to $76.00 in a report on Thursday, April 27th. Wedbush raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 target price for the company in a report on Friday, May 19th. Finally, ValuEngine cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, May 24th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $71.17.
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Prosperity Bancshares (PB) opened at 64.60 on Monday. Prosperity Bancshares has a 1-year low of $49.46 and a 1-year high of $77.87. The company has a 50-day moving average of $64.68 and a 200-day moving average of $68.39. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 16.35 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The business had revenue of $180.01 million during the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter in the prior year, the firm posted $0.98 earnings per share.
Several hedge funds have recently made changes to their positions in PB. First Midwest Bank Trust Division boosted its stake in shares of Prosperity Bancshares by 9.1% in the first quarter. First Midwest Bank Trust Division now owns 7,092 shares of the bank’s stock worth $494,000 after buying an additional 594 shares during the period. Glen Harbor Capital Management LLC boosted its stake in shares of Prosperity Bancshares by 1.3% in the first quarter. Glen Harbor Capital Management LLC now owns 43,092 shares of the bank’s stock worth $3,004,000 after buying an additional 560 shares during the period. ProShare Advisors LLC boosted its stake in shares of Prosperity Bancshares by 10.2% in the first quarter. ProShare Advisors LLC now owns 247,050 shares of the bank’s stock worth $17,222,000 after buying an additional 22,860 shares during the period. Sigma Planning Corp boosted its stake in shares of Prosperity Bancshares by 0.9% in the first quarter. Sigma Planning Corp now owns 5,225 shares of the bank’s stock worth $364,000 after buying an additional 47 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in shares of Prosperity Bancshares by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 17,500 shares of the bank’s stock worth $1,220,000 after buying an additional 300 shares during the period. 75.51% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Robert H. Steelhammer sold 10,000 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the sale, the director now directly owns 156,800 shares of the company’s stock, valued at $10,207,680. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. Steelhammer sold 4,000 shares of the stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total transaction of $257,400.00. Following the completion of the sale, the director now directly owns 147,800 shares of the company’s stock, valued at $9,510,930. The disclosure for this sale can be found here. Corporate insiders own 4.93% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.11%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 34.34%.
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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