Prosperity Bancshares (NYSE:PB) Issues Earnings Results

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

Prosperity Bancshares Price Performance

PB traded up $0.29 during trading on Thursday, hitting $73.61. 120,437 shares of the stock traded hands, compared to its average volume of 569,134. The firm has a market capitalization of $7.01 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.53 and a beta of 0.89. Prosperity Bancshares has a 12-month low of $49.82 and a 12-month high of $75.28. The firm has a 50-day moving average of $72.13 and a 200 day moving average of $66.54.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.15%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 49.02%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays raised 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. Hovde Group lifted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. One equities 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.35.

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.