Prosperity Bancshares Inc. (NYSE:PB) – FBR & Co reduced their Q3 2016 earnings estimates for Prosperity Bancshares in a note issued to investors on Monday. FBR & Co analyst S. Moss now anticipates that the brokerage will post earnings of $0.97 per share for the quarter, down from their prior forecast of $1.00. FBR & Co has a “Outperform” rating and a $60.00 price target 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 equities research analysts have also recently weighed in on PB. Deutsche Bank AG upped their target price on Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a report on Tuesday. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday. Wedbush started coverage on Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating and a $54.00 price objective for the company. SunTrust Banks Inc. started coverage on Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating for the company. Finally, Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, June 29th. Two investment analysts have rated the stock with a sell rating, nine have given 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 price target of $52.08.
Prosperity Bancshares (NYSE:PB) opened at 54.39 on Thursday. The stock has a market capitalization of $3.78 billion, a PE ratio of 13.70 and a beta of 1.29. The firm has a 50-day moving average price of $54.45 and a 200 day moving average price of $51.77. Prosperity Bancshares has a 12 month low of $33.57 and a 12 month high of $57.04.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same period in the previous year, the firm earned $1.03 earnings per share.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Prosperity Bancshares by 4.3% in the second quarter. Vanguard Group Inc. now owns 5,293,252 shares of the company’s stock worth $269,903,000 after buying an additional 219,156 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of Prosperity Bancshares by 40,913.9% in the second quarter. Riverhead Capital Management LLC now owns 5,000,000 shares of the company’s stock worth $5,012,000 after buying an additional 4,987,809 shares in the last quarter. State Street Corp raised its position in shares of Prosperity Bancshares by 2.3% in the first quarter. State Street Corp now owns 3,077,423 shares of the company’s stock worth $142,763,000 after buying an additional 70,233 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Prosperity Bancshares by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,958,826 shares of the company’s stock worth $99,881,000 after buying an additional 22,530 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock worth $87,859,000 after buying an additional 361,881 shares in the last quarter. 80.30% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the transaction, the director now directly owns 160,800 shares of the company’s stock, valued at $8,683,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the transaction, the director now directly owns 6,723 shares in the company, valued at $363,042. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is presently 30.15%.
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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