Prosperity Bancshares, Inc. (NYSE:PB) Expected to Post Quarterly Sales of $187.83 Million

Equities research analysts expect Prosperity Bancshares, Inc. (NYSE:PB) to announce sales of $187.83 million for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Prosperity Bancshares’ earnings. The highest sales estimate is $193.50 million and the lowest is $185.40 million. Prosperity Bancshares reported sales of $187.94 million during the same quarter last year, which would suggest a negative year over year growth rate of 0.1%. The business is scheduled to announce its next quarterly earnings report on Wednesday, October 23rd.

According to Zacks, analysts expect that Prosperity Bancshares will report full year sales of $743.09 million for the current financial year, with estimates ranging from $739.90 million to $745.80 million. For the next fiscal year, analysts forecast that the company will report sales of $1.15 billion, with estimates ranging from $1.13 billion to $1.20 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Prosperity Bancshares.

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

PB has been the subject of a number of recent research reports. Sanford C. Bernstein downgraded Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research report on Tuesday, May 28th. FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Raymond James upgraded shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 target price for the company in a research note on Tuesday, June 18th. Finally, Stephens set a $74.00 target price on shares of Prosperity Bancshares and gave the company a “hold” rating in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.95.

Shares of Prosperity Bancshares stock traded down $0.84 on Friday, hitting $66.31. 28,390 shares of the company’s stock traded hands, compared to its average volume of 453,736. Prosperity Bancshares has a one year low of $57.01 and a one year high of $76.25. The firm’s fifty day moving average price is $67.00. The company has a market cap of $4.86 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.72 and a beta of 1.35.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.47%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 35.57%.

A number of large investors have recently modified their holdings of PB. Swiss National Bank grew its holdings in shares of Prosperity Bancshares by 2.1% during the second quarter. Swiss National Bank now owns 123,550 shares of the bank’s stock worth $8,160,000 after buying an additional 2,600 shares in the last quarter. Comerica Bank raised its holdings in Prosperity Bancshares by 2.6% during the 2nd quarter. Comerica Bank now owns 177,493 shares of the bank’s stock worth $11,844,000 after buying an additional 4,485 shares during the period. Envestnet Asset Management Inc. raised its holdings in Prosperity Bancshares by 7.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 311,811 shares of the bank’s stock worth $20,595,000 after buying an additional 20,667 shares during the period. Olstein Capital Management L.P. increased its holdings in shares of Prosperity Bancshares by 8.2% in the 2nd quarter. Olstein Capital Management L.P. now owns 122,500 shares of the bank’s stock valued at $8,091,000 after purchasing an additional 9,265 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Prosperity Bancshares by 1.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,474,557 shares of the bank’s stock valued at $97,394,000 after purchasing an additional 16,108 shares during the period. Hedge funds and other institutional investors own 82.58% of the company’s stock.

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

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