Prosperity Bancshares (NYSE:PB) Hits New 12-Month High – Still a Buy?

Prosperity Bancshares, Inc. (NYSE:PB)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $86.71 and last traded at $85.66, with a volume of 79704 shares trading hands. The stock had previously closed at $84.30.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PB. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Price Performance

The firm has a market capitalization of $8.19 billion, a P/E ratio of 17.90, a P/E/G ratio of 1.26 and a beta of 0.89. The company’s 50-day simple moving average is $74.83 and its two-hundred day simple moving average is $69.08.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the firm earned $1.20 EPS. Analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.70%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares of the company’s stock, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP grew its position in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC grew its position in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $43,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at $46,000. Institutional investors own 80.69% 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.