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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) hit a new 52-week high during trading on Tuesday . The company traded as high as $70.42 and last traded at $69.67, with a volume of 164347 shares traded. The stock had previously closed at $69.14.

Analysts Set New Price Targets

PB has been the subject of a number of research analyst reports. Truist Financial cut their price target on Prosperity Bancshares from $75.00 to $68.00 and set a “buy” rating for the company in a report on Monday, July 8th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $68.23.

Prosperity Bancshares Price Performance

The stock has a 50-day moving average of $61.73 and a 200 day moving average of $62.71. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of 15.93, a price-to-earnings-growth ratio of 1.51 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The firm had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 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 company earned $1.37 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.22%. Prosperity Bancshares’s payout ratio is currently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of PB. Raymond James & Associates grew its position in shares of Prosperity Bancshares by 12.9% during the 4th quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock worth $1,295,000 after buying an additional 2,188 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Prosperity Bancshares by 79.2% during the 4th quarter. Pacer Advisors Inc. now owns 14,086 shares of the bank’s stock valued at $954,000 after purchasing an additional 6,227 shares in the last quarter. Tectonic Advisors LLC bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $373,000. Cultivar Capital Inc. bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $583,000. Finally, Planned Solutions Inc. bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $37,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.