Prosperity Bancshares, Inc. (NYSE:PB) Expected to Post Earnings of $1.18 Per Share

Equities analysts expect that Prosperity Bancshares, Inc. (NYSE:PB) will report earnings per share (EPS) of $1.18 for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Prosperity Bancshares’ earnings, with the lowest EPS estimate coming in at $1.16 and the highest estimate coming in at $1.20. Prosperity Bancshares also reported earnings per share of $1.18 during the same quarter last year. The company is scheduled to report its next quarterly earnings report on Wednesday, October 23rd.

According to Zacks, analysts expect that Prosperity Bancshares will report full year earnings of $4.76 per share for the current fiscal year, with EPS estimates ranging from $4.72 to $4.83. For the next year, analysts expect that the business will post earnings of $5.26 per share, with EPS estimates ranging from $5.10 to $5.50. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.18. Prosperity Bancshares had a net margin of 38.27% and a return on equity of 8.12%. The business had revenue of $184.80 million for the quarter, compared to the consensus estimate of $186.94 million. During the same period in the prior year, the business posted $1.17 earnings per share.

A number of equities analysts have recently weighed in on PB shares. Stephens set a $74.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Monday, June 17th. Zacks Investment Research raised shares of IMI PLC/S from a “sell” rating to a “hold” rating in a research note on Wednesday, April 3rd. Sanford C. Bernstein downgraded shares of SVB Financial Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 28th. Raymond James set a C$80.00 target price on shares of West Fraser Timber and gave the stock a “strong-buy” rating in a research report on Tuesday, June 18th. Finally, FIG Partners reissued an “outperform” rating on shares of Two Rivers Bancorp in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $73.95.

A number of institutional investors have recently bought and sold shares of PB. Victory Capital Management Inc. boosted its holdings in Prosperity Bancshares by 0.6% during the first quarter. Victory Capital Management Inc. now owns 3,442,366 shares of the bank’s stock valued at $237,730,000 after acquiring an additional 22,025 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of Prosperity Bancshares by 2.4% in the first quarter. Champlain Investment Partners LLC now owns 2,032,300 shares of the bank’s stock valued at $140,351,000 after buying an additional 47,085 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Prosperity Bancshares by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,738,899 shares of the bank’s stock valued at $108,334,000 after buying an additional 17,320 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Prosperity Bancshares by 1.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,075,511 shares of the bank’s stock valued at $67,004,000 after buying an additional 12,770 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Prosperity Bancshares by 59.3% in the fourth quarter. American Century Companies Inc. now owns 982,641 shares of the bank’s stock valued at $61,219,000 after buying an additional 365,972 shares during the period. 82.58% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE PB traded down $0.30 during mid-day trading on Wednesday, reaching $69.24. The company had a trading volume of 6,935 shares, compared to its average volume of 521,585. Prosperity Bancshares has a twelve month low of $57.01 and a twelve month high of $76.25. The firm has a market capitalization of $4.87 billion, a PE ratio of 15.04, a PEG ratio of 1.73 and a beta of 1.36. The stock has a 50 day simple moving average of $66.95.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is 35.57%.

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

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