Q2 2021 EPS Estimates for Prosperity Bancshares, Inc. (NYSE:PB) Reduced by Wedbush

Prosperity Bancshares, Inc. (NYSE:PB) – Research analysts at Wedbush decreased their Q2 2021 earnings estimates for shares of Prosperity Bancshares in a research report issued on Wednesday, April 28th. Wedbush analyst P. Winter now anticipates that the bank will post earnings of $1.37 per share for the quarter, down from their previous forecast of $1.39. Wedbush also issued estimates for Prosperity Bancshares’ Q3 2022 earnings at $1.36 EPS, Q4 2022 earnings at $1.37 EPS and FY2022 earnings at $5.38 EPS.

PB has been the subject of several other research reports. Raymond James raised their price target on shares of Prosperity Bancshares from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Tuesday, April 13th. Bank of America cut shares of Prosperity Bancshares from a “neutral” rating to an “underperform” rating in a report on Thursday, January 7th. Truist Securities raised their price target on shares of Prosperity Bancshares from $78.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, March 15th. Truist raised their price target on shares of Prosperity Bancshares from $78.00 to $88.00 in a report on Monday, March 8th. Finally, Morgan Stanley raised their price target on shares of Prosperity Bancshares from $81.00 to $84.00 and gave the stock an “equal weight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $73.00.

PB stock opened at $75.92 on Monday. The company has a fifty day moving average price of $76.11 and a 200-day moving average price of $69.47. The company has a market capitalization of $7.06 billion, a P/E ratio of 14.57, a PEG ratio of 1.37 and a beta of 1.37. Prosperity Bancshares has a 52-week low of $48.80 and a 52-week high of $83.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.80 and a current ratio of 0.81.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Tuesday, April 27th. The bank reported $1.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.06. Prosperity Bancshares had a net margin of 37.67% and a return on equity of 8.42%. During the same period in the prior year, the business posted $1.39 earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 1st. Shareholders of record on Tuesday, June 15th will be given a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Monday, June 14th. Prosperity Bancshares’s dividend payout ratio is 39.04%.

In other news, Director George A. Fisk sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 8th. The shares were sold at an average price of $78.17, for a total value of $156,340.00. Following the sale, the director now owns 95,744 shares of the company’s stock, valued at $7,484,308.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director George A. Fisk sold 1,733 shares of the business’s stock in a transaction that occurred on Friday, March 12th. The shares were sold at an average price of $79.31, for a total transaction of $137,444.23. Following the completion of the sale, the director now directly owns 94,011 shares in the company, valued at approximately $7,456,012.41. The disclosure for this sale can be found here. Insiders own 4.01% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. grew its stake in Prosperity Bancshares by 10.5% during the first quarter. Envestnet Asset Management Inc. now owns 96,229 shares of the bank’s stock valued at $7,207,000 after acquiring an additional 9,175 shares in the last quarter. Victory Capital Management Inc. grew its stake in Prosperity Bancshares by 4.8% during the first quarter. Victory Capital Management Inc. now owns 3,741,765 shares of the bank’s stock valued at $280,220,000 after acquiring an additional 172,525 shares in the last quarter. Great Lakes Advisors LLC grew its stake in Prosperity Bancshares by 11.0% in the 1st quarter. Great Lakes Advisors LLC now owns 55,364 shares of the bank’s stock worth $4,146,000 after buying an additional 5,472 shares in the last quarter. State of Michigan Retirement System grew its stake in Prosperity Bancshares by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 34,454 shares of the bank’s stock worth $2,580,000 after buying an additional 700 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Prosperity Bancshares by 0.7% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 285,100 shares of the bank’s stock worth $21,351,000 after buying an additional 1,900 shares in the last quarter. 76.72% of the stock is 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 businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts; and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate 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, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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

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