Prosperity Bancshares (NYSE:PB) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

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

Prosperity Bancshares Price Performance

PB stock traded down $1.53 during midday trading on Thursday, reaching $63.55. 284,102 shares of the company’s stock traded hands, compared to its average volume of 561,059. The company has a market capitalization of $5.94 billion, a P/E ratio of 14.11, a PEG ratio of 1.26 and a beta of 0.93. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The business has a 50-day moving average price of $62.58 and a two-hundred day moving average price of $61.62.

Prosperity Bancshares Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.52%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.45%.

Analysts Set New Price Targets

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