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

Prosperity Bancshares (NYSE:PB) released its earnings results on Wednesday. The bank reported $1.37 EPS for the quarter, beating the consensus estimate 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 Price Performance

NYSE:PB traded down $0.47 during mid-day trading on Friday, reaching $79.85. The stock had a trading volume of 88,428 shares, compared to its average volume of 497,330. The stock has a market cap of $7.61 billion, a P/E ratio of 15.78, a PEG ratio of 1.12 and a beta of 0.93. The business’s 50 day moving average is $78.76 and its 200 day moving average is $74.97. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.91%. Prosperity Bancshares’s payout ratio is 45.85%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PB shares. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 7th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Stephens upped their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Insider Buying and Selling

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leah Henderson sold 1,100 shares of the business’s 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 sale, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,100 shares of company stock valued at $1,236,104. Company insiders own 4.28% 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.