Prosperity Bancshares (NYSE:PB) Hits New 1-Year High After Better-Than-Expected Earnings

Prosperity Bancshares, Inc. (NYSE:PB)’s stock price reached a new 52-week high during trading 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 trading hands. The stock had previously closed at $72.58.

The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the prior year, the firm posted $1.20 EPS.

Prosperity Bancshares Increases Dividend

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

Analysts Set New Price Targets

PB has been the topic of a number of research reports. Piper Sandler boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Hovde Group raised their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Barclays raised their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.58.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently modified their holdings of the business. Kingsview Wealth Management LLC acquired a new position in shares of Prosperity Bancshares during the 1st quarter worth approximately $2,343,000. Amica Mutual Insurance Co. increased its stake in Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in Prosperity Bancshares by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after acquiring an additional 101,230 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after acquiring an additional 9,148 shares during the period. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

The company has a market cap of $7.00 billion, a P/E ratio of 16.09, a PEG ratio of 1.52 and a beta of 0.89. The stock has a 50-day moving average of $72.19 and a 200 day moving average of $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.