Prosperity Bancshares (NYSE:PB) Announces Quarterly Earnings Results

Prosperity Bancshares (NYSE:PB) issued 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 firm earned $1.20 earnings per share.

Prosperity Bancshares Price Performance

NYSE PB traded down $0.02 during mid-day trading on Thursday, reaching $73.30. 147,341 shares of the stock were exchanged, compared to its average volume of 569,265. The stock has a market cap of $6.98 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.53 and a beta of 0.89. Prosperity Bancshares has a one year low of $49.82 and a one year high of $75.28. The stock has a 50 day simple moving average of $72.13 and a 200-day simple moving average 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 paid a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 49.02%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Compass Point lifted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Hovde Group boosted 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. Piper Sandler upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.