According to Zacks, “Prosperity Bancshares’ estimates have been stable lately ahead of its third-quarter 2016 earnings release. Also, the company has positive record of earnings surprises in recent quarters. Further, its organic growth story remains healthy, driven by steady rise in loan and deposits balances. An anticipated increase in loan demand and the likely rise in interest rates will boost NIM. Moreover, given the strong balance sheet position, the company is well positioned to expand further through acquisitions. However, mounting operating expenses remain a major headwind given the company’s investment in franchise. Also, exposure in energy sector loans is expected to hamper its credit quality in the near term. Regulatory pressure is expected to further add to the company’s limitations.”
A number of other equities research analysts also recently issued reports on PB. Hovde Group upgraded shares of Prosperity Bancshares from a market perform rating to an outperform rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 29th. Evercore ISI upgraded shares of Prosperity Bancshares from a hold rating to a buy rating and set a $60.00 price objective on the stock in a research note on Thursday, June 9th. Finally, Compass Point assumed coverage on shares of Prosperity Bancshares in a research note on Tuesday, June 7th. They set a neutral rating and a $50.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $50.58.
Prosperity Bancshares (NYSE:PB) opened at 54.05 on Monday. The firm has a 50 day moving average of $54.10 and a 200-day moving average of $51.32. Prosperity Bancshares has a 52 week low of $33.57 and a 52 week high of $57.04. The company has a market capitalization of $3.76 billion, a P/E ratio of 13.61 and a beta of 1.28.
Prosperity Bancshares (NYSE:PB) last issued 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 prior year, the business earned $1.03 earnings per share. On average, analysts forecast that Prosperity Bancshares will post $3.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 16th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.22%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 30.15%.
In other Prosperity Bancshares news, Director Perry Mueller, Jr. sold 13,536 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 6,723 shares in the company, valued at approximately $363,042. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the transaction, the director now owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in Prosperity Bancshares by 3.5% in the first quarter. Geode Capital Management LLC now owns 428,570 shares of the company’s stock valued at $19,881,000 after buying an additional 14,530 shares during the last quarter. Loomis Sayles & Co. L P raised its position in Prosperity Bancshares by 5.6% in the first quarter. Loomis Sayles & Co. L P now owns 996,508 shares of the company’s stock valued at $46,228,000 after buying an additional 52,678 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock valued at $87,859,000 after buying an additional 361,881 shares during the last quarter. Tiverton Asset Management LLC raised its position in Prosperity Bancshares by 25.3% in the first quarter. Tiverton Asset Management LLC now owns 344,459 shares of the company’s stock valued at $15,980,000 after buying an additional 69,459 shares during the last quarter. Finally, State Street Corp raised its position in Prosperity Bancshares by 2.3% in the first quarter. State Street Corp now owns 3,077,423 shares of the company’s stock valued at $142,763,000 after buying an additional 70,233 shares during the last quarter. Hedge funds and other institutional investors own 80.30% of the company’s stock.
Prosperity Bancshares Company Profile
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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