Prosperity Bancshares (NYSE:PB) Reaches New 1-Year High - Here's What Happened

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $75.00 and last traded at $71.34, with a volume of 60936 shares changing hands. The stock had previously closed at $72.58.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler lifted their target price 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. Stephens upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating in a report on Wednesday, June 26th. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Finally, Barclays increased their price target on Prosperity Bancshares from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $77.27.

Prosperity Bancshares Price Performance

The company has a market capitalization of $6.98 billion, a P/E ratio of 16.04, a PEG ratio of 1.53 and a beta of 0.89. The company has a 50 day moving average of $72.13 and a 200-day moving average of $66.54.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to analysts' expectations of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the firm earned $1.21 earnings per share. Research analysts predict that Prosperity Bancshares, Inc. will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 3.16%. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's payout ratio is 49.02%.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. Victory Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank's stock worth $388,799,000 after acquiring an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock worth $262,141,000 after purchasing an additional 532,241 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank's stock valued at $57,192,000 after purchasing an additional 19,224 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Prosperity Bancshares by 1.8% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank's stock worth $48,856,000 after purchasing an additional 14,175 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

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.