Prosperity Bancshares (NYSE:PB) Announces Quarterly Earnings Results

Prosperity Bancshares (NYSE:PB) released its quarterly earnings data on Wednesday. The bank reported $1.18 EPS for the quarter, topping the consensus estimate of $1.15 by $0.03, Briefing.com reports. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The business had revenue of $420.78 million for the quarter, compared to analyst estimates of $274.88 million. During the same quarter in the prior year, the firm posted $1.37 EPS.

Prosperity Bancshares Stock Performance

NYSE PB opened at $63.55 on Friday. The business has a fifty day moving average price of $62.58 and a 200 day moving average price of $61.64. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88. The company has a market cap of $5.94 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.29 and a beta of 0.93.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Truist Financial restated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research report on Wednesday, February 7th. Barclays initiated coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price on the stock. Finally, Raymond James increased their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.79.

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.