Prosperity Bancshares (NYSE:PB) Reaches New 1-Year High – Here’s What Happened

Prosperity Bancshares, Inc. (NYSE:PB)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $79.36 and last traded at $79.36, with a volume of 5631 shares changing hands. The stock had previously closed at $73.89.

Analysts Set New Price Targets

PB has been the subject of several recent research reports. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Barclays lifted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Trading Up 1.6 %

The company has a 50-day simple moving average of $72.69 and a 200 day simple moving average of $67.53. The company has a market cap of $7.63 billion, a P/E ratio of 16.90, a P/E/G ratio of 1.21 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the prior year, the firm earned $1.20 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kingsview Wealth Management LLC bought a new stake in shares of Prosperity Bancshares in the 1st quarter valued at about $2,343,000. Amica Mutual Insurance Co. grew its holdings in Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Prosperity Bancshares by 394.8% during the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after purchasing an additional 9,148 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Silver Lake Advisory LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter worth $611,000. Institutional investors 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.