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

Prosperity Bancshares (NYSE:PB) announced its quarterly earnings results on Wednesday. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03, Briefing.com reports. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the business earned $1.20 earnings per share.

Prosperity Bancshares Trading Down 1.7 %

PB stock traded down $1.27 during midday trading on Friday, reaching $72.26. The stock had a trading volume of 516,557 shares, compared to its average volume of 572,250. Prosperity Bancshares has a 52-week low of $52.49 and a 52-week high of $75.28. The company has a market cap of $6.93 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. The company’s fifty day simple moving average is $72.19 and its 200 day simple moving average is $66.58.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 53.46%.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent research reports. Compass Point lifted their target price 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. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $75.00 to $86.00 in a report on Monday, August 5th. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday. Finally, Hovde Group upped their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus target price of $77.58.

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.