DA Davidson Brokers Cut Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)
Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) – Investment analysts at DA Davidson decreased their FY2022 earnings per share estimates for shares of Prosperity Bancshares in a research report issued on Thursday, July 28th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $5.92 per share for the year, down from their prior estimate of $6.20. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.72 per share. DA Davidson also issued estimates for Prosperity Bancshares’ FY2023 earnings at $6.13 EPS.
Several other equities analysts also recently commented on PB. Truist Financial cut their price objective on Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Piper Sandler dropped their price target on Prosperity Bancshares to $78.00 in a research report on Monday, July 4th. Finally, Wolfe Research dropped their price target on Prosperity Bancshares from $69.00 to $63.00 and set an “underperform” rating on the stock in a research report on Thursday, May 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $77.25.
Prosperity Bancshares Stock Performance
NYSE:PB opened at $74.09 on Monday. The stock’s fifty day moving average is $69.89 and its 200 day moving average is $70.71. Prosperity Bancshares has a fifty-two week low of $64.40 and a fifty-two week high of $80.46. The firm has a market capitalization of $6.83 billion, a PE ratio of 13.45, a PEG ratio of 1.26 and a beta of 1.05.
Prosperity Bancshares (NYSE:PB – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.02. Prosperity Bancshares had a return on equity of 7.95% and a net margin of 43.64%. The company had revenue of $286.10 million for the quarter, compared to analyst estimates of $285.39 million. During the same quarter in the prior year, the firm posted $1.41 EPS. Prosperity Bancshares’s quarterly revenue was up 1.8% compared to the same quarter last year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in PB. Covestor Ltd bought a new stake in shares of Prosperity Bancshares during the fourth quarter valued at approximately $27,000. Artemis Wealth Advisors LLC acquired a new stake in shares of Prosperity Bancshares in the 1st quarter valued at $39,000. Dupont Capital Management Corp acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $49,000. Fifth Third Bancorp lifted its stake in shares of Prosperity Bancshares by 54.2% in the 4th quarter. Fifth Third Bancorp now owns 765 shares of the bank’s stock valued at $55,000 after purchasing an additional 269 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Prosperity Bancshares by 72.2% during the 1st quarter. Parallel Advisors LLC now owns 911 shares of the bank’s stock worth $64,000 after acquiring an additional 382 shares during the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Prosperity Bancshares
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $72.57, for a total value of $87,084.00. Following the sale, the director now directly owns 135,455 shares of the company’s stock, valued at $9,829,969.35. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Chairman H E. Timanus, Jr. acquired 2,000 shares of Prosperity Bancshares stock in a transaction on Thursday, June 16th. The stock was purchased at an average cost of $65.60 per share, with a total value of $131,200.00. Following the purchase, the chairman now directly owns 4,000 shares in the company, valued at $262,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert H. Steelhammer sold 1,200 shares of the stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $72.57, for a total value of $87,084.00. Following the sale, the director now owns 135,455 shares in the company, valued at approximately $9,829,969.35. The disclosure for this sale can be found here. 4.22% of the stock is owned by corporate insiders.
Prosperity Bancshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Wednesday, September 14th. Prosperity Bancshares’s payout ratio is currently 37.75%.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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