Prosperity Bancshares (NYSE:PB) Sets New 12-Month High – Still a Buy?

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

Analyst Upgrades and Downgrades

PB has been the topic of several recent analyst reports. Hovde Group boosted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Price Performance

The stock’s 50 day simple moving average is $72.43 and its two-hundred day simple moving average is $67.36. The stock has a market capitalization of $7.71 billion, a PE ratio of 17.12, a PEG ratio of 1.08 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in 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 buying an additional 177 shares during the period. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the period. Quest Partners LLC grew its position in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $43,000. Finally, Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter worth about $46,000. Institutional investors own 80.69% of the company’s stock.

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.