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

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $75.51 and last traded at $75.51, with a volume of 48426 shares trading hands. The stock had previously closed at $73.25.

Analysts Set New Price Targets

A number of brokerages have commented on PB. Truist Financial lowered Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. 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. Piper Sandler upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, July 25th. Raymond James lowered shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $78.96.

Prosperity Bancshares Stock Up 1.7 %

The company has a fifty day moving average price of $72.30 and a 200 day moving average price of $66.88. The stock has a market cap of $7.10 billion, a PE ratio of 16.01, a P/E/G ratio of 1.08 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million for the quarter, compared to analysts' expectations of $299.83 million. During the same quarter last year, the business earned $1.20 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 49.26%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC lifted its stake in shares of Prosperity Bancshares by 17.9% in the 3rd quarter. Innealta Capital LLC now owns 3,486 shares of the bank's stock valued at $251,000 after purchasing an additional 529 shares during the period. Harbor Capital Advisors Inc. lifted its position in Prosperity Bancshares by 112.1% during the third quarter. Harbor Capital Advisors Inc. now owns 24,322 shares of the bank's stock valued at $1,753,000 after buying an additional 12,857 shares during the period. US Bancorp DE boosted its holdings in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank's stock valued at $340,000 after buying an additional 153 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Prosperity Bancshares by 16.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 14,804 shares of the bank's stock valued at $1,075,000 after acquiring an additional 2,100 shares during the period. Finally, First Financial Bankshares Inc boosted its stake in Prosperity Bancshares by 16.8% during the third quarter. First Financial Bankshares Inc now owns 14,554 shares of the bank's stock worth $1,049,000 after acquiring an additional 2,096 shares in 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.

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