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

Prosperity Bancshares, Inc. (NYSE:PB)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $83.44 and last traded at $83.40, with a volume of 387130 shares. The stock had previously closed at $82.23.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PB. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday. Barclays lifted their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Compass Point increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Price Performance

The stock has a 50 day simple moving average of $73.58 and a two-hundred day simple moving average of $68.18. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating 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 in the previous year, the company posted $1.20 EPS. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.83%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted 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 buying an additional 177 shares during the period. Quarry LP grew its stake in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC increased its holdings in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth about $46,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.