Prosperity Bancshares (PB) to Release Earnings on Wednesday

Prosperity Bancshares (NYSE:PB) is scheduled to be issuing its quarterly earnings data before the market opens on Wednesday, October 23rd. Analysts expect the company to announce earnings of $1.30 per share for the quarter. Investors interested in registering for the company’s conference call can do so using this link.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same quarter in the prior year, the business posted $1.21 EPS. On average, analysts expect Prosperity Bancshares to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Prosperity Bancshares Price Performance

PB opened at $72.98 on Monday. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $74.96. The firm has a market capitalization of $6.95 billion, a PE ratio of 15.97, a P/E/G ratio of 1.53 and a beta of 0.89. The company’s 50-day moving average is $71.96 and its 200 day moving average is $66.36.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.18%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 49.02%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Royal Bank of Canada increased their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Hovde Group increased their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Finally, Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average target price of $77.27.

About Prosperity Bancshares

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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.