Prosperity Bancshares (NYSE:PB) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Prosperity Bancshares (NYSE:PB) issued its quarterly earnings data on Wednesday. The bank reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.03, Briefing.com reports. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The business had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. During the same period in the prior year, the business earned $1.37 earnings per share.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $63.55 on Friday. The firm has a market capitalization of $5.94 billion, a PE ratio of 14.64, a P/E/G ratio of 1.29 and a beta of 0.93. The business has a 50-day moving average of $62.58 and a two-hundred day moving average of $61.64. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $68.88.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.52%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barclays assumed coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research report on Wednesday, February 7th. Raymond James upped their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. Truist Financial reiterated a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research note on Monday, April 1st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average target price of $68.79.

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.