Q3 2017 EPS Estimates for Prosperity Bancshares, Inc. Decreased by FIG Partners (PB)
Prosperity Bancshares, Inc. (NYSE:PB) – FIG Partners decreased their Q3 2017 EPS estimates for shares of Prosperity Bancshares in a report issued on Wednesday. FIG Partners analyst J. Rodis now expects that the bank will post earnings of $0.95 per share for the quarter, down from their prior estimate of $0.99. FIG Partners also issued estimates for Prosperity Bancshares’ FY2017 earnings at $3.93 EPS, Q1 2018 earnings at $1.00 EPS, Q2 2018 earnings at $1.03 EPS, Q3 2018 earnings at $1.07 EPS and Q4 2018 earnings at $1.09 EPS.
A number of other research firms have also weighed in on PB. BidaskClub upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. ValuEngine lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, May 24th. Barclays PLC initiated coverage on shares of Prosperity Bancshares in a report on Thursday, August 3rd. They issued an “overweight” rating and a $72.00 target price on the stock. Finally, UBS AG downgraded shares of Prosperity Bancshares to an “underperform” rating in a research report on Thursday, August 10th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $71.23.
Prosperity Bancshares (NYSE:PB) opened at 60.00 on Thursday. The company has a market cap of $4.17 billion, a PE ratio of 15.19 and a beta of 1.34. The stock has a 50 day moving average price of $61.77 and a 200 day moving average price of $65.81. Prosperity Bancshares has a one year low of $52.19 and a one year high of $77.87.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. During the same quarter in the previous year, the business earned $0.98 EPS.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
In other news, Director Robert H. Steelhammer sold 4,000 shares of the stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the completion of the transaction, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the transaction, the director now directly owns 137,800 shares of the company’s stock, valued at $8,268,000. The disclosure for this sale can be found here. Insiders have sold a total of 14,000 shares of company stock valued at $864,950 over the last three months. Insiders own 4.93% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PB. Huntington National Bank grew its position in shares of Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after acquiring an additional 143 shares during the period. Pacad Investment Ltd. bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $109,000. Quantbot Technologies LP bought a new position in shares of Prosperity Bancshares during the 1st quarter valued at approximately $154,000. PNC Financial Services Group Inc. grew its position in shares of Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after acquiring an additional 269 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after acquiring an additional 369 shares during the period. 72.90% of the stock is owned by hedge funds and other institutional investors.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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