Brokerages Expect Prosperity Bancshares, Inc. (NYSE:PB) to Announce $1.18 Earnings Per Share

Brokerages expect that Prosperity Bancshares, Inc. (NYSE:PB) will post $1.18 earnings per share for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Prosperity Bancshares’ earnings, with the highest EPS estimate coming in at $1.20 and the lowest estimate coming in at $1.16. Prosperity Bancshares also posted earnings of $1.18 per share during the same quarter last year. The business is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, October 23rd.

According to Zacks, analysts expect that Prosperity Bancshares will report full year earnings of $4.75 per share for the current financial year, with EPS estimates ranging from $4.72 to $4.82. For the next fiscal year, analysts anticipate that the firm will report earnings of $5.17 per share, with EPS estimates ranging from $5.00 to $5.38. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that cover Prosperity Bancshares.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.18. The company had revenue of $184.80 million during the quarter, compared to the consensus estimate of $186.94 million. Prosperity Bancshares had a return on equity of 8.12% and a net margin of 38.27%. During the same quarter in the previous year, the company posted $1.17 EPS.

A number of research firms recently weighed in on PB. ValuEngine downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Monday. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 target price for the company. in a research report on Thursday, October 3rd. Morgan Stanley dropped their target price on Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, SunTrust Banks decreased their price target on Prosperity Bancshares from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $72.24.

In related news, Vice Chairman H E. Timanus, Jr. purchased 10,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $64.39 per share, with a total value of $643,900.00. Following the purchase, the insider now directly owns 148,837 shares of the company’s stock, valued at $9,583,614.43. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert J. Dowdell sold 7,600 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $65.45, for a total value of $497,420.00. The disclosure for this sale can be found here. 4.86% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan increased its stake in shares of Prosperity Bancshares by 1.4% during the second quarter. Municipal Employees Retirement System of Michigan now owns 12,270 shares of the bank’s stock valued at $810,000 after buying an additional 170 shares during the period. Van Hulzen Asset Management LLC increased its stake in shares of Prosperity Bancshares by 3.0% during the second quarter. Van Hulzen Asset Management LLC now owns 6,900 shares of the bank’s stock valued at $456,000 after buying an additional 200 shares during the period. Advisor Group Inc. increased its stake in shares of Prosperity Bancshares by 6.8% during the second quarter. Advisor Group Inc. now owns 3,541 shares of the bank’s stock valued at $234,000 after buying an additional 227 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Prosperity Bancshares by 8.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,913 shares of the bank’s stock valued at $276,000 after buying an additional 292 shares during the period. Finally, Benjamin Edwards Inc. increased its stake in shares of Prosperity Bancshares by 32.9% during the second quarter. Benjamin Edwards Inc. now owns 1,364 shares of the bank’s stock valued at $90,000 after buying an additional 338 shares during the period. 84.35% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:PB opened at $73.95 on Thursday. The business has a 50 day moving average of $69.50 and a 200 day moving average of $68.37. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 1.50 and a beta of 1.36. Prosperity Bancshares has a 1-year low of $57.01 and a 1-year high of $75.36.

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.

Further Reading: Fundamental Analysis

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Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

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