$279.63 million in sales expected for Prosperity Bancshares, Inc. (NYSE:PB) this quarter
The brokerages expect Prosperity Bancshares, Inc. (NYSE: PB) to post sales of $279.63 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates of Prosperity Bancshares earnings, with estimates ranging from $276.30 million to $283.10 million. Prosperity Bancshares reported sales of $294.18 million in the same quarter last year, indicating a negative growth rate of 4.9% year-over-year. The company is expected to announce its next quarterly earnings report before market open on Wednesday, January 26.
On average, analysts expect Prosperity Bancshares to record annual sales of $1.13 billion for the current year, with estimates ranging from $1.13 billion to $1.14 billion. For next year, analysts expect the company to post sales of $1.12 billion, with estimates ranging from $1.10 billion to $1.14 billion. Zacks Investment Research’s sell calculations are an average based on a survey of sell-side research firms that track Prosperity Bancshares.
Prosperity Bancshares (NYSE:PB) last released its quarterly results on Tuesday, October 26. The bank reported EPS of $1.39 for the quarter, beating analyst consensus estimates of $1.37 by $0.02. Prosperity Bancshares posted a net margin of 43.67% and a return on equity of 8.47%. The company posted revenue of $282.96 million in the quarter, compared to $279.83 million expected by analysts. During the same period of the previous year, the company achieved EPS of $1.40. The company’s revenue for the quarter was down 3.6% from the same quarter last year.
PB has been the subject of several recent analyst reports. Zacks Investment Research has downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and set a price target of $75.00 for the company. in a research note on Thursday, October 7. Raymond James downgraded shares of Prosperity Bancshares from an “outperforming” rating to a “market performing” rating in a Thursday, December 16 report. Finally, Morgan Stanley raised its price target on Prosperity Bancshares shares from $83.00 to $91.00 and gave the company an “equal weight” rating in a Monday, Dec. 6 report.
Shares of Prosperity Bancshares opened at $75.92 on Wednesday. The stock has a market capitalization of $7.00 billion, a PE ratio of 13.27, a growth price-earnings ratio of 1.50 and a beta of 1.22. Prosperity Bancshares has a 1-year low of $64.40 and a 1-year high of $83.02. The company has a 50-day moving average of $74.18.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 1. Shareholders of record on Tuesday, March 15 will receive a dividend of $0.52 per share. The ex-dividend date is Monday, March 14. This represents an annualized dividend of $2.08 and a dividend yield of 2.74%. Prosperity Bancshares’ payout ratio is currently 36.36%.
A number of large investors have recently increased or reduced their stake in PB. AQR Capital Management LLC increased its position in Prosperity Bancshares by 97.2% in the second quarter. AQR Capital Management LLC now owns 351,526 shares of the bank valued at $25,240,000 after acquiring an additional 173,302 shares last quarter. AlphaCrest Capital Management LLC increased its stake in Prosperity Bancshares by 87.2% during the third quarter. AlphaCrest Capital Management LLC now owns 21,890 shares of the bank worth $1,557,000 after buying 10,198 additional shares in the last quarter. OLD National Bancorp IN bought a new position in Prosperity Bancshares during the third quarter for a value of $1,512,000. Copeland Capital Management LLC increased its stake in Prosperity Bancshares by 4.0% in the third quarter. Copeland Capital Management LLC now owns 171,069 shares of the bank valued at $12,168,000 after purchasing an additional 6,531 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Prosperity Bancshares in the second quarter for $203,000. Institutional investors hold 78.93% of the company’s shares.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a holding company dedicated to providing financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan services, investments, trusts and credit cards to small and medium businesses and consumers.
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