Prosperity Bancshares (NYSE:PB) Sets New 1-Year High at $74.68

Shares of Prosperity Bancshares, Inc. (NYSE:PB) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $74.68 and last traded at $74.17, with a volume of 142066 shares trading hands. The stock had previously closed at $72.97.

Wall Street Analyst Weigh In

PB has been the subject of several recent analyst reports. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Piper Sandler raised their target price 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. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research note on Tuesday. DA Davidson raised their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Wedbush raised their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.04.

Prosperity Bancshares Price Performance

The business’s fifty day simple moving average is $70.46 and its two-hundred day simple moving average is $64.85. The company has a market cap of $6.95 billion, a PE ratio of 16.81, a PEG ratio of 1.47 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter in the previous year, the company earned $1.21 earnings per share. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.07 EPS for the current year.

Prosperity Bancshares Announces Dividend

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 paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.07%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Institutional Trading of Prosperity Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of PB. Public Employees Retirement Association of Colorado boosted its position in Prosperity Bancshares by 359.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after acquiring an additional 193,953 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Prosperity Bancshares by 11.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock worth $59,923,000 after acquiring an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC acquired a new position in Prosperity Bancshares in the 1st quarter valued at about $2,343,000. Amica Mutual Insurance Co. boosted its holdings in Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted 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 purchasing an additional 101,230 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.