Prosperity Bancshares (NYSE:PB) Announces Earnings Results

Prosperity Bancshares (NYSE:PB) announced its quarterly earnings results on Wednesday. The bank reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03, Briefing.com reports. The company had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period in the previous year, the business earned $1.37 EPS.

Prosperity Bancshares Price Performance

NYSE PB traded down $1.48 on Thursday, hitting $63.60. 247,997 shares of the company’s stock were exchanged, compared to its average volume of 560,920. The firm’s 50-day moving average price is $62.58 and its two-hundred day moving average price is $61.62. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.56 per share. 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 payout ratio is 49.45%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PB shares. Truist Financial reaffirmed a “buy” rating and set a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays started 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. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. Finally, Raymond James lifted their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.