Prosperity Bancshares (NYSE:PB) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Prosperity Bancshares (NYSE:PB) posted its quarterly earnings data on Wednesday. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03, Briefing.com reports. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the firm earned $1.20 EPS.

Prosperity Bancshares Price Performance

Shares of NYSE PB traded down $1.10 during mid-day trading on Friday, hitting $72.43. 62,879 shares of the company’s stock traded hands, compared to its average volume of 569,980. Prosperity Bancshares has a 1 year low of $52.49 and a 1 year high of $75.28. The company’s 50-day moving average is $72.19 and its two-hundred day moving average is $66.58. The company has a market capitalization of $6.90 billion, a P/E ratio of 16.09, a PEG ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 49.02%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PB shares. Barclays lifted their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Piper Sandler increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday. Finally, DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.58.

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.