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

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

Prosperity Bancshares Stock Down 2.4 %

Shares of NYSE:PB traded down $1.53 during mid-day trading on Thursday, reaching $63.55. 284,102 shares of the stock were exchanged, compared to its average volume of 561,059. The stock’s 50 day simple moving average is $62.58 and its 200-day simple moving average is $61.62. The company has a market cap of $5.94 billion, a P/E ratio of 14.11, a P/E/G ratio of 1.26 and a beta of 0.93. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued 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 dividend yield of 3.52%. Prosperity Bancshares’s payout ratio is presently 49.45%.

Wall Street Analyst Weigh In

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