FIG Partners Analysts Increase Earnings Estimates for Prosperity Bancshares, Inc. (PB)

FIG Partners Analysts Increase Earnings Estimates for Prosperity Bancshares, Inc. (PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at FIG Partners lifted their Q1 2017 earnings per share (EPS) estimates for shares of Prosperity Bancshares in a research note issued on Wednesday. FIG Partners analyst J. Rodis now forecasts that the firm will post earnings per share of $0.94 for the quarter, up from their previous estimate of $0.91. FIG Partners also issued estimates for Prosperity Bancshares’ Q2 2017 earnings at $0.97 EPS and FY2017 earnings at $3.95 EPS.

Several other equities research analysts also recently commented on the stock. Morgan Stanley downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $56.00 to $58.00 in a research note on Wednesday, November 16th. FBR & Co upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and upped their price target for the company from $55.00 to $60.00 in a report on Tuesday, October 11th. Hovde Group cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Monday, November 14th. SunTrust Banks, Inc. initiated coverage on shares of Prosperity Bancshares in a report on Thursday, October 6th. They issued a “neutral” rating for the company. Finally, Wedbush upped their price target on shares of Prosperity Bancshares from $58.00 to $59.00 and gave the company an “underperform” rating in a report on Wednesday, November 30th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $58.08.

Shares of Prosperity Bancshares (NYSE:PB) traded down 1.20% on Friday, reaching $75.08. 85,425 shares of the company traded hands. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 19.06 and a beta of 1.28. Prosperity Bancshares has a 52-week low of $38.80 and a 52-week high of $76.78. The stock has a 50 day moving average of $71.93 and a 200 day moving average of $59.83.

Institutional investors have recently modified their holdings of 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 valued at $269,903,000 after buying an additional 219,156 shares during 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 valued at $5,012,000 after buying an additional 4,987,809 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Prosperity Bancshares by 13.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,724,686 shares of the company’s stock valued at $204,448,000 after buying an additional 428,737 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Prosperity Bancshares by 9.5% in the third quarter. BlackRock Fund Advisors now owns 3,640,718 shares of the company’s stock valued at $199,839,000 after buying an additional 316,760 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Prosperity Bancshares by 3.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,020,346 shares of the company’s stock valued at $110,897,000 after buying an additional 61,520 shares during the last quarter. 74.12% of the stock is currently owned by institutional investors.

In other Prosperity Bancshares news, CFO David Hollaway sold 978 shares of the stock in a transaction on Monday, October 31st. The shares were sold at an average price of $55.56, for a total value of $54,337.68. Following the completion of the sale, the chief financial officer now owns 156,510 shares in the company, valued at $8,695,695.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Leah Henderson sold 1,000 shares of the stock in a transaction on Thursday, December 22nd. The shares were sold at an average price of $72.74, for a total transaction of $72,740.00. Following the completion of the sale, the director now owns 1,000 shares of the company’s stock, valued at approximately $72,740. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,978 shares of company stock valued at $887,328. Corporate insiders own 4.90% of the company’s stock.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Friday, March 17th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Wednesday, March 15th. Prosperity Bancshares’s dividend payout ratio is currently 34.52%.

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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