Prosperity Bancshares (NYSE:PB) Releases Earnings Results, Beats Expectations By $0.01 EPS

Prosperity Bancshares (NYSE:PB) posted its quarterly earnings results on Wednesday. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01, FiscalAI reports. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $387.99 million. During the same period in the previous year, the business earned $1.37 earnings per share. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year.

Prosperity Bancshares Price Performance

PB traded down $1.26 during trading on Wednesday, reaching $68.22. 554,142 shares of the stock were exchanged, compared to its average volume of 1,179,271. The business’s 50 day moving average price is $68.32 and its two-hundred day moving average price is $69.02. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 1.11 and a beta of 0.66. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s payout ratio is presently 41.88%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Weiss Ratings upgraded Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. Hovde Group boosted their target price on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Morgan Stanley decreased their target price on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Finally, Cantor Fitzgerald boosted their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $78.31.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $72.62, for a total value of $43,572.00. Following the completion of the transaction, the director directly owned 42,000 shares of the company’s stock, valued at $3,050,040. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold 12,100 shares of company stock valued at $838,102 over the last ninety days. Insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the stock. Danske Bank A S acquired a new position in shares of Prosperity Bancshares in the third quarter worth $40,000. Osaic Holdings Inc. raised its holdings in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares during the last quarter. Group One Trading LLC acquired a new position in shares of Prosperity Bancshares in the fourth quarter worth $66,000. Prosperity Bancshares Inc acquired a new position in shares of Prosperity Bancshares in the fourth quarter worth $106,000. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Prosperity Bancshares by 22.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,592 shares of the bank’s stock worth $110,000 after acquiring an additional 293 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.