Prosperity Bancshares (NYSE:PB) Releases Earnings Results, Beats Estimates By $0.04 EPS

Prosperity Bancshares (NYSE:PB) released its quarterly earnings data on Wednesday. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.04, Zacks reports. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%.

Prosperity Bancshares Stock Performance

NYSE PB opened at $79.93 on Wednesday. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75. The stock has a market cap of $7.61 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 1.11 and a beta of 0.93. The firm’s 50 day moving average price is $78.85 and its two-hundred day moving average price is $74.90.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 2.90%. Prosperity Bancshares’s payout ratio is presently 49.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. UBS Group dropped their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average target price of $81.38.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $79.01, for a total value of $39,505.00. Following the completion of the sale, the director now directly owns 108,315 shares in the company, valued at approximately $8,557,968.15. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,600 shares of company stock valued at $1,196,144. Company insiders own 4.28% of the company’s stock.

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.