Prosperity Bancshares (NYSE:PB) Sets New 52-Week High - Here's Why

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PB. Compass Point boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a report on Thursday, July 25th. StockNews.com cut shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, August 28th. Raymond James lowered shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. Finally, Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a research note on Monday, August 26th. One 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 stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.96.

Prosperity Bancshares Price Performance

The firm's 50-day moving average price is $72.30 and its 200-day moving average price is $66.88. The stock has a market cap of $7.07 billion, a P/E ratio of 15.80, a PEG ratio of 1.08 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $1.20 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm 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. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.13%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank's stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. Amarillo National Bank purchased a new stake in shares of Prosperity Bancshares in the second quarter worth approximately $8,520,000. Thrivent Financial for Lutherans lifted its stake in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Prosperity Bancshares by 52.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank's stock valued at $13,672,000 after acquiring an additional 77,039 shares during the period. 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.