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

Prosperity Bancshares, Inc. (NYSE:PB) shares hit a new 52-week high during mid-day trading 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 Ratings Changes

PB has been the topic of a number of research analyst reports. DA Davidson upped their price target on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial upped their target price on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday. Wedbush raised their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday. Royal Bank of Canada boosted their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.96.

Prosperity Bancshares Stock Up 1.9 %

The business’s 50 day moving average is $61.99 and its 200 day moving average is $62.80. The company 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.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same period last year, the business posted $1.21 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 4.99 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given 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 payout ratio is 51.61%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PB. Raymond James & Associates boosted its position in shares of Prosperity Bancshares by 12.9% in the 4th quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock worth $1,295,000 after purchasing an additional 2,188 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Prosperity Bancshares by 79.2% in the fourth quarter. Pacer Advisors Inc. now owns 14,086 shares of the bank’s stock worth $954,000 after acquiring an additional 6,227 shares in the last quarter. Tectonic Advisors LLC purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $373,000. Planned Solutions Inc. acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at about $37,000. Finally, Saxon Interests Inc. purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $677,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.