Prosperity Bancshares (NYSE:PB) Hits New 52-Week High at $73.69

Shares of Prosperity Bancshares, Inc. (NYSE:PB) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $73.69 and last traded at $73.29, with a volume of 192309 shares trading hands. The stock had previously closed at $73.01.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of recent analyst reports. Compass Point boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Wedbush boosted their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Truist Financial upped their price objective on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada upped their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Prosperity Bancshares Trading Down 0.7 %

The company’s fifty day moving average is $62.65 and its 200-day moving average is $62.98. The firm has a market capitalization of $6.96 billion, a P/E ratio of 16.91, a P/E/G ratio of 1.48 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same period in the prior year, the firm earned $1.21 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.06 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake 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 during the last quarter. Albert D Mason Inc. boosted its stake in shares of Prosperity Bancshares by 1.3% in the 1st quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock valued at $1,276,000 after purchasing an additional 252 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Prosperity Bancshares by 31.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock valued at $76,000 after purchasing an additional 270 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Prosperity Bancshares by 0.3% in the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock valued at $7,730,000 after purchasing an additional 300 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its stake in shares of Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock valued at $7,742,000 after purchasing an additional 319 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.