Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at Piper Jaffray Companies issued their FY2019 EPS estimates for shares of Prosperity Bancshares in a note issued to investors on Friday, October 25th. Piper Jaffray Companies analyst B. Rabatin forecasts that the bank will post earnings of $4.77 per share for the year. Piper Jaffray Companies currently has a “Hold” rating and a $75.50 price target on the stock. Piper Jaffray Companies also issued estimates for Prosperity Bancshares’ Q4 2019 earnings at $1.22 EPS, Q1 2020 earnings at $1.21 EPS, Q2 2020 earnings at $1.28 EPS, Q3 2020 earnings at $1.34 EPS, Q4 2020 earnings at $1.37 EPS, FY2020 earnings at $5.20 EPS, Q1 2021 earnings at $1.25 EPS, Q2 2021 earnings at $1.32 EPS, Q3 2021 earnings at $1.36 EPS and FY2021 earnings at $5.29 EPS.
Several other analysts have also weighed in on PB. ValuEngine lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price target on the stock. in a report on Thursday, October 3rd. SunTrust Banks set a $82.00 price target on Prosperity Bancshares and gave the company a “buy” rating in a report on Friday. Finally, Morgan Stanley decreased their price target on Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $72.90.
NYSE:PB opened at $73.28 on Monday. The stock’s fifty day moving average is $70.35 and its 200 day moving average is $68.43. Prosperity Bancshares has a fifty-two week low of $57.01 and a fifty-two week high of $75.36. The firm has a market capitalization of $5.04 billion, a PE ratio of 15.90, a PEG ratio of 1.54 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. Prosperity Bancshares had a return on equity of 8.02% and a net margin of 38.03%. The company had revenue of $184.67 million for the quarter, compared to analyst estimates of $187.48 million. During the same quarter in the prior year, the firm posted $1.18 EPS. Prosperity Bancshares’s quarterly revenue was down 1.7% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.41. Prosperity Bancshares’s dividend payout ratio is 35.57%.
In other Prosperity Bancshares news, EVP Robert J. Dowdell sold 7,600 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $65.45, for a total value of $497,420.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman H E. Timanus, Jr. acquired 10,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $64.39 per share, for a total transaction of $643,900.00. Following the transaction, the insider now directly owns 148,837 shares in the company, valued at $9,583,614.43. The disclosure for this purchase can be found here. Corporate insiders own 4.86% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Municipal Employees Retirement System of Michigan grew its position in shares of Prosperity Bancshares by 1.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 12,270 shares of the bank’s stock worth $810,000 after buying an additional 170 shares in the last quarter. Van Hulzen Asset Management LLC grew its position in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 6,900 shares of the bank’s stock worth $456,000 after buying an additional 200 shares in the last quarter. Advisor Group Inc. grew its position in shares of Prosperity Bancshares by 6.8% during the 2nd quarter. Advisor Group Inc. now owns 3,541 shares of the bank’s stock worth $234,000 after buying an additional 227 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Prosperity Bancshares by 8.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,913 shares of the bank’s stock worth $276,000 after buying an additional 292 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its position in shares of Prosperity Bancshares by 32.9% during the 2nd quarter. Benjamin Edwards Inc. now owns 1,364 shares of the bank’s stock worth $90,000 after buying an additional 338 shares in the last quarter. 84.35% of the stock is currently owned by institutional investors.
Prosperity Bancshares Company Profile
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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