Prosperity Bancshares (NYSE:PB) Announces Quarterly Earnings Results

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

Prosperity Bancshares Trading Down 2.6 %

Shares of NYSE:PB traded down $1.71 on Thursday, reaching $63.37. 389,648 shares of the company were exchanged, compared to its average volume of 562,438. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $68.88. The company has a 50-day moving average of $62.58 and a 200-day moving average of $61.62. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.53%. Prosperity Bancshares’s dividend payout ratio is currently 49.45%.

Analysts Set New Price Targets

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

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.