Prosperity Bancshares (NYSE:PB) Hits New 1-Year High on Strong Earnings

Prosperity Bancshares, Inc. (NYSE:PB)’s stock price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $75.00 and last traded at $71.34, with a volume of 60936 shares. The stock had previously closed at $72.58.

The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the prior year, the firm earned $1.20 earnings per share.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 49.02%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Barclays upped their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research note on Tuesday, September 17th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Piper Sandler increased their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $77.58.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its position in Prosperity Bancshares by 16.5% in the third quarter. Nisa Investment Advisors LLC now owns 14,804 shares of the bank’s stock worth $1,075,000 after acquiring an additional 2,100 shares in the last quarter. First Financial Bankshares Inc grew its stake in shares of Prosperity Bancshares by 16.8% during the 3rd quarter. First Financial Bankshares Inc now owns 14,554 shares of the bank’s stock worth $1,049,000 after purchasing an additional 2,096 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Prosperity Bancshares by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 11,182 shares of the bank’s stock valued at $805,000 after purchasing an additional 750 shares in the last quarter. Financial Management Professionals Inc. lifted its stake in shares of Prosperity Bancshares by 32.4% in the third quarter. Financial Management Professionals Inc. now owns 1,722 shares of the bank’s stock valued at $124,000 after purchasing an additional 421 shares during the period. Finally, GHP Investment Advisors Inc. boosted its holdings in Prosperity Bancshares by 1.3% during the third quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock worth $1,295,000 after buying an additional 228 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 0.3 %

The stock has a market cap of $7.00 billion, a PE ratio of 16.09, a P/E/G ratio of 1.52 and a beta of 0.89. The business’s fifty day moving average is $72.19 and its 200 day moving average is $66.58.

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.