Prosperity Bancshares (NYSE:PB) Hits New 52-Week High After Dividend Announcement

Prosperity Bancshares, Inc. (NYSE:PB) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $74.91 and last traded at $74.57, with a volume of 61746 shares changing hands. The stock had previously closed at $72.93.

The newly announced dividend which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued 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 annualized dividend and a dividend yield of 3.18%. Prosperity Bancshares’s payout ratio is 49.02%.

Analyst Upgrades and Downgrades

PB has been the subject of a number of recent analyst reports. Barclays increased their price objective on Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Wedbush raised Prosperity Bancshares from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $75.00 to $90.00 in a research note on Tuesday, September 24th. Compass Point boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $77.27.

Prosperity Bancshares Stock Down 2.4 %

The firm has a market cap of $6.95 billion, a PE ratio of 16.07, a P/E/G ratio of 1.53 and a beta of 0.89. The firm’s 50 day moving average is $71.90 and its 200-day moving average is $66.26.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the business earned $1.21 EPS. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current year.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently bought and sold shares of PB. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after purchasing an additional 319 shares during the last quarter. Inspire Investing LLC grew its stake in shares of Prosperity Bancshares by 6.1% in the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock worth $351,000 after purchasing an additional 328 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after purchasing an additional 332 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Prosperity Bancshares by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock worth $261,000 after purchasing an additional 355 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.