Prosperity Bancshares (NYSE:PB) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Prosperity Bancshares (NYSE:PB) announced its quarterly earnings results on Wednesday. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04, Zacks reports. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.68%.

Prosperity Bancshares Trading Down 0.6 %

PB stock traded down $0.47 during trading on Friday, hitting $79.85. 88,428 shares of the company’s stock were exchanged, compared to its average volume of 497,330. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75. The stock has a market capitalization of $7.61 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 1.12 and a beta of 0.93. The business has a 50-day moving average price of $78.76 and a two-hundred day moving average price of $74.97.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 2.91%. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Barclays increased their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares of the company’s stock, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,100 shares of company stock valued at $1,236,104 over the last quarter. Corporate insiders own 4.28% 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.