Prosperity Bancshares (NYSE:PB) Hits New 52-Week High After Dividend Announcement

Prosperity Bancshares, Inc. (NYSE:PB) shares hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $74.91 and last traded at $74.57, with a volume of 61746 shares changing hands. The stock had previously closed at $72.93.

The newly announced dividend which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.18%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 49.02%.

Wall Street Analyst Weigh In

PB has been the subject of a number of analyst reports. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research note on Tuesday, September 17th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Wedbush raised shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.27.

Prosperity Bancshares Stock Performance

The company has a market cap of $6.95 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.53 and a beta of 0.89. The business’s 50 day moving average price is $71.90 and its 200-day moving average price is $66.26.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the prior year, the company posted $1.21 EPS. On average, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares in the last quarter. Quarry LP increased its position in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC boosted its stake in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $46,000. Institutional investors and hedge funds 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.