Prosperity Bancshares (PB) Set to Announce Earnings on Tuesday
Prosperity Bancshares (NYSE:PB) is set to post its quarterly earnings results before the market opens on Tuesday, April 24th. Analysts expect Prosperity Bancshares to post earnings of $1.14 per share for the quarter.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.01). The business had revenue of $185.27 million during the quarter, compared to analyst estimates of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same period in the prior year, the business earned $0.99 earnings per share. On average, analysts expect Prosperity Bancshares to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.
PB opened at $73.00 on Tuesday. The company has a market capitalization of $5,052.32, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.52 and a beta of 1.32. Prosperity Bancshares has a 12 month low of $55.84 and a 12 month high of $79.20.
Prosperity Bancshares announced that its board has approved a stock repurchase plan on Friday, January 19th that allows the company to repurchase 3,470,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several equities analysts recently issued reports on PB shares. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 11th. DA Davidson lifted their price objective on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. SunTrust Banks reaffirmed a “buy” rating and set a $85.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 25th. Finally, Piper Jaffray reaffirmed a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $74.45.
In other Prosperity Bancshares news, CFO David Hollaway sold 1,800 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $75.60, for a total transaction of $136,080.00. Following the completion of the transaction, the chief financial officer now owns 168,684 shares of the company’s stock, valued at $12,752,510.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total value of $300,600.00. The disclosure for this sale can be found here. Insiders have sold 10,800 shares of company stock valued at $818,280 in the last three months. 5.05% of the stock is currently owned by company insiders.
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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