Prosperity Bancshares (NYSE:PB) Announces Earnings Results

Prosperity Bancshares (NYSE:PB) posted its quarterly earnings data on Wednesday. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03, Briefing.com reports. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the prior year, the business posted $1.20 EPS.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.47 on Thursday, hitting $73.79. The company’s stock had a trading volume of 129,178 shares, compared to its average volume of 569,177. The company has a market capitalization of $7.03 billion, a PE ratio of 16.14, a PEG ratio of 1.53 and a beta of 0.89. Prosperity Bancshares has a fifty-two week low of $49.82 and a fifty-two week high of $75.28. The company has a 50 day moving average price of $72.13 and a 200 day moving average price of $66.54.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.02%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Royal Bank of Canada upped their target price on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.35.

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.