Wall Street analysts predict that Prosperity Bancshares, Inc. (NYSE:PB – Get a rating) will post revenue of $282.84 million for the current quarter, Zacks Investment Research reports. Five analysts have released earnings estimates for Prosperity Bancshares. The highest sales estimate is $284.00 million and the lowest is $280.90 million. Prosperity Bancshares reported sales of $280.96 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.7%. The company is due to release its next quarterly results on Monday, January 1.
On average, analysts expect Prosperity Bancshares to record annual sales of $1.14 billion for the current fiscal year, with estimates ranging from $1.12 billion to $1.16 billion. For the next fiscal year, analysts expect the company to record sales of $1.23 billion, with estimates ranging from $1.21 billion to $1.27 billion. Zacks Investment Research sales calculations are an average based on a survey of research analysts who follow Prosperity Bancshares.
Prosperity Bancshares (NYSE: PB – Get a rating) last released its quarterly results on Wednesday, April 27. The bank reported earnings per share (EPS) of $1.33 for the quarter, beating the consensus estimate of $1.31 by $0.02. Prosperity Bancshares had a net margin of 43.64% and a return on equity of 7.95%. In the same quarter last year, the company posted earnings per share of $1.44.
Several research analysts have recently weighed in on PB shares. StockNews.com launched coverage on Prosperity Bancshares shares in a research report on Thursday, March 31. They issued a “hold” rating on the stock. Wolfe Research downgraded Prosperity Bancshares shares from a “peer performing” rating to an “underperforming” rating and lowered its price target for the stock from $78.00 to $69.00 in a report on Thursday, April 7. One analyst rated the stock with a sell rating and four issued a hold rating for the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $78.75.
A number of large investors have recently changed their PB holdings. Arizona State Retirement System increased its holdings of Prosperity Bancshares shares by 0.6% in Q3. Arizona State Retirement System now owns 25,316 shares of the bank valued at $1,801,000 after acquiring 153 additional shares in the last quarter. CFO4Life Group LLC increased its stake in Prosperity Bancshares by 0.6% during the 1st quarter. CFO4Life Group LLC now owns 31,066 shares of the bank worth $2,155,000 after purchasing an additional 174 shares in the last quarter. Advisor Group Holdings Inc. increased its stake in Prosperity Bancshares by 3.1% during the first quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank worth $411,000 after buying 181 additional shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Prosperity Bancshares by 3.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,943 shares of the bank worth $502,000 after buying 224 additional shares in the last quarter. Finally, Commerce Bank increased its stake in Prosperity Bancshares by 2.9% during the 4th quarter. Commerce Bank now owns 8,265 shares of the bank worth $597,000 after buying an additional 230 shares in the last quarter. Institutional investors hold 80.30% of the company’s shares.
PB opened at $68.52 on Friday. The company’s fifty-day moving average price is $69.18 and its two-hundred-day moving average price is $72.67. The company has a market capitalization of $6.31 billion, a price/earnings ratio of 12.44, a P/E/G ratio of 1.23 and a beta of 1.08. Prosperity Bancshares has a 1-year low of $64.40 and a 1-year high of $80.46.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 1. Investors of record on Wednesday, June 15 will receive a dividend of $0.52 per share. This represents an annualized dividend of $2.08 and a dividend yield of 3.04%. The ex-dividend date is Tuesday, June 14. The payout rate of Prosperity Bancshares is 37.75%.
About Prosperity Bancshares (Get a rating)
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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