Prosperity Bancshares (PB) to Release Earnings on Wednesday

Prosperity Bancshares (NYSE:PB) is scheduled to post its quarterly earnings results before the market opens on Wednesday, April 24th. Analysts expect Prosperity Bancshares to post earnings of $1.14 per share for the quarter. Individual interested in listening to the company’s earnings conference call can do so using this link.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The business had revenue of $413.00 million during the quarter, compared to the consensus estimate of $279.34 million. During the same period in the previous year, the business earned $1.51 EPS. On average, analysts expect Prosperity Bancshares to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Prosperity Bancshares Trading Up 1.8 %

Shares of NYSE PB opened at $60.77 on Monday. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $68.88. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 1.22 and a beta of 0.93. The business has a 50 day simple moving average of $62.58 and a 200-day simple moving average of $61.47.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.69%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.45%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Covestor Ltd increased its holdings in Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after buying an additional 315 shares during the period. State of Wyoming grew its holdings in shares of Prosperity Bancshares by 25.1% in the 2nd quarter. State of Wyoming now owns 891 shares of the bank’s stock worth $50,000 after purchasing an additional 179 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Prosperity Bancshares by 73.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after purchasing an additional 300 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Prosperity Bancshares in the 1st quarter worth about $56,000. Finally, KBC Group NV bought a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $119,000. Institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the topic of several research analyst reports. Truist Financial reissued a “buy” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research note on Monday, April 1st. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective for the company. Raymond James raised their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Friday, January 5th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price for the company in a report on Wednesday, February 7th. One equities 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and a consensus price target 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.