Q3 2016 Earnings Estimate for Prosperity Bancshares Inc. Issued By FBR & Co (PB)
Prosperity Bancshares Inc. (NYSE:PB) – Equities researchers at FBR & Co lowered their Q3 2016 earnings per share (EPS) estimates for Prosperity Bancshares in a research report issued on Monday. FBR & Co analyst S. Moss now anticipates that the brokerage will post earnings per share of $0.97 for the quarter, down from their prior forecast of $1.00. FBR & Co currently has a “Outperform” rating and a $60.00 target price on the stock. FBR & Co also issued estimates for Prosperity Bancshares’ Q4 2016 earnings at $0.98 EPS, FY2016 earnings at $3.91 EPS, Q1 2017 earnings at $0.96 EPS, Q2 2017 earnings at $0.98 EPS, Q3 2017 earnings at $1.03 EPS, Q4 2017 earnings at $1.04 EPS, FY2017 earnings at $4.01 EPS, Q1 2018 earnings at $1.02 EPS, Q2 2018 earnings at $1.05 EPS, Q3 2018 earnings at $1.11 EPS and FY2018 earnings at $4.29 EPS.
Several other research firms have also recently weighed in on PB. Deutsche Bank AG boosted their price objective on shares of Prosperity Bancshares from $54.00 to $59.00 and gave the company a “hold” rating in a report on Tuesday. Zacks Investment Research raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Thursday. SunTrust Banks Inc. assumed coverage on shares of Prosperity Bancshares in a report on Thursday, October 6th. They set a “neutral” rating for the company. Wedbush assumed coverage on shares of Prosperity Bancshares in a report on Thursday, October 6th. They set a “neutral” rating and a $54.00 price objective for the company. Finally, Hovde Group raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Wednesday, June 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $52.08.
Shares of Prosperity Bancshares (NYSE:PB) opened at 53.65 on Thursday. Prosperity Bancshares has a 52-week low of $33.57 and a 52-week high of $57.04. The stock has a market cap of $3.73 billion, a PE ratio of 13.51 and a beta of 1.29. The stock’s 50 day moving average is $54.43 and its 200 day moving average is $51.71.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same quarter in the previous year, the firm posted $1.03 EPS.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 16th were given a dividend of $0.30 per share. The ex-dividend date was Wednesday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.24%. Prosperity Bancshares’s dividend payout ratio is 30.15%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total transaction of $156,600.00. Following the completion of the transaction, the director now owns 160,800 shares in the company, valued at $8,683,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total transaction of $730,944.00. Following the transaction, the director now owns 6,723 shares of the company’s stock, valued at approximately $363,042. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA raised its position in Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock valued at $151,000 after buying an additional 145 shares during the period. LS Investment Advisors LLC raised its position in Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock valued at $200,000 after buying an additional 1,677 shares during the period. Fox Run Management L.L.C. acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $214,000. Salzhauer Michael acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $226,000. Finally, LaSalle Street Capital Management LLC raised its position in Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock valued at $230,000 after buying an additional 152 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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