Prosperity Bancshares (NYSE:PB) Issues Quarterly Earnings Results

Prosperity Bancshares (NYSE:PB) issued its earnings results on Wednesday. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.32, FiscalAI reports. The company had revenue of $495.70 million during the quarter, compared to analyst estimates of $491.49 million. During the same quarter in the previous year, the company posted $1.45 EPS. The company’s quarterly revenue was up 56.0% on a year-over-year basis.

Prosperity Bancshares Stock Performance

NYSE PB traded down $0.34 on Wednesday, hitting $69.30. 210,470 shares of the company’s stock were exchanged, compared to its average volume of 1,097,766. The firm’s 50-day moving average price is $69.62 and its two-hundred day moving average price is $70.35. Prosperity Bancshares has a fifty-two week low of $62.58 and a fifty-two week high of $77.20.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $2.56 dividend on an annualized basis and a yield of 3.7%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.60.

Analysts Set New Price Targets

Several analysts have recently weighed in on PB shares. TD Cowen reduced their target price on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a report on Monday, October 5th. Royal Bank Of Canada dropped their price target on Prosperity Bancshares from $80.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. Weiss Ratings lowered Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Raymond James Financial upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price objective for the company in a research note on Tuesday, October 6th. Finally, Morgan Stanley increased their price objective on Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Monday, September 28th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.55.

Insider Activity at Prosperity Bancshares

In related news, Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $68.24, for a total value of $40,944.00. Following the sale, the director directly owned 38,300 shares in the company, valued at $2,613,592. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 12,700 shares of company stock valued at $896,221. 3.96% of the stock is owned by company insiders.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.