Prosperity Bancshares (PB) Set to Announce Earnings on Wednesday

Prosperity Bancshares (NYSE:PB – Get Free Report) will post its quarterly earnings results before the market opens on Wednesday, July 26th. Analysts expect Prosperity Bancshares to post earnings of $1.26 per share for the quarter. Individual interested in listening to the company’s earnings conference call can do so using this link.

Prosperity Bancshares (NYSE:PB – Get Free Report) last posted its quarterly earnings data on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. The firm had revenue of $365.58 million for the quarter, compared to the consensus estimate of $285.02 million. During the same quarter last year, the company earned $1.33 earnings per share. 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 Stock Up 4.8 %

NYSE PB opened at $61.25 on Wednesday. The stock’s 50-day moving average price is $58.63 and its 200-day moving average price is $64.83. Prosperity Bancshares has a 52 week low of $54.45 and a 52 week high of $78.76. The company has a market capitalization of $5.77 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94.

Analyst Upgrades and Downgrades

PB has been the topic of several recent analyst reports. Morgan Stanley downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $58.00 to $60.00 in a research note on Tuesday, May 16th. Raymond James cut their price target on Prosperity Bancshares from $70.00 to $65.00 in a report on Thursday, July 6th. Truist Financial cut their price target on Prosperity Bancshares from $71.00 to $64.00 in a report on Thursday, June 29th. Wolfe Research upgraded Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target for the company in a report on Wednesday, May 3rd. Finally, StockNews.com upgraded Prosperity Bancshares to a “sell” rating in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $72.10.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director L. Jack Lord acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was bought at an average price of $62.04 per share, for a total transaction of $310,200.00. Following the acquisition, the director now directly owns 33,125 shares in the company, valued at $2,055,075. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently bought and sold shares of the business. Covestor Ltd raised its position in Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after purchasing an additional 315 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in Prosperity Bancshares by 73.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after purchasing an additional 300 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Prosperity Bancshares during the 1st quarter valued at $56,000. First Manhattan Co. raised its position in Prosperity Bancshares by 3,488.4% during the 1st quarter. First Manhattan Co. now owns 2,476 shares of the bank’s stock valued at $171,000 after purchasing an additional 2,407 shares in the last quarter. Finally, Belpointe Asset Management LLC raised its position in Prosperity Bancshares by 49.3% during the 1st quarter. Belpointe Asset Management LLC now owns 2,619 shares of the bank’s stock valued at $161,000 after purchasing an additional 865 shares in the last quarter. Hedge funds and other institutional investors own 77.68% of the company’s stock.

About Prosperity Bancshares

(Get Free Report)

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.