Prosperity Bancshares (NYSE:PB) Reaches New 1-Year High Following Dividend Announcement

Prosperity Bancshares, Inc. (NYSE:PB) shares hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $74.91 and last traded at $74.57, with a volume of 61746 shares. The stock had previously closed at $72.93.

The newly announced dividend which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 3.18%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.02%.

Analyst Upgrades and Downgrades

PB has been the subject of a number of analyst reports. Royal Bank of Canada upped their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Barclays upped their target price 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. Piper Sandler raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Compass Point upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $77.27.

Prosperity Bancshares Price Performance

The business has a fifty day moving average price of $71.90 and a 200 day moving average price of $66.26. The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 1.53 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million for 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 quarter last year, the business earned $1.21 earnings per share. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current year.

Institutional Trading of Prosperity Bancshares

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quarry LP lifted 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 valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC boosted its position in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. Mather Group LLC. purchased a new position in Prosperity Bancshares during the first quarter valued at approximately $50,000. Finally, Abich Financial Wealth Management LLC grew its holdings in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after acquiring an additional 746 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

About Prosperity Bancshares

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.