Prosperity Bancshares (NYSE:PB) Sets New 1-Year High at $70.42

Prosperity Bancshares, Inc. (NYSE:PB) shares hit a new 52-week high on Tuesday . The company traded as high as $70.42 and last traded at $69.67, with a volume of 164347 shares trading hands. The stock had previously closed at $69.14.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PB shares. Piper Sandler lifted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday. Royal Bank of Canada lifted their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a report on Thursday. Truist Financial increased their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday. DA Davidson lifted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Wedbush increased their price objective on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $72.96.

Prosperity Bancshares Stock Up 1.9 %

The stock has a market cap of $6.96 billion, a P/E ratio of 16.77, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a 50-day simple moving average of $61.99 and a two-hundred day simple moving average of $62.80.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The company had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same period in the previous year, the firm earned $1.21 earnings per share. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares in the last quarter. Albert D Mason Inc. lifted its holdings in Prosperity Bancshares by 1.3% in the first quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock worth $1,276,000 after buying an additional 252 shares during the period. Quadrant Capital Group LLC boosted its position in Prosperity Bancshares by 31.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock valued at $76,000 after acquiring an additional 270 shares in the last quarter. New York State Teachers Retirement System grew its holdings in shares of Prosperity Bancshares by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after acquiring an additional 300 shares during the period. Finally, Retirement Systems of Alabama raised its position in shares of Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after acquiring an additional 319 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

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; 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.