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

Prosperity Bancshares (NYSE:PB - Get Free Report) announced 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 net margin of 26.24% and a return on equity of 6.62%. The company had revenue of $420.78 million for the quarter, compared to analysts' expectations of $274.88 million. During the same period in the previous year, the company posted $1.37 EPS.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded down $0.95 during trading hours on Thursday, hitting $64.13. The company had a trading volume of 812,807 shares, compared to its average volume of 568,101. The firm has a market capitalization of $6.00 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93. Prosperity Bancshares has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The firm's fifty day moving average is $62.58 and its 200-day moving average is $61.62.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.49%. Prosperity Bancshares's dividend payout ratio is 49.45%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PB. Raymond James boosted their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Friday, January 5th. Morgan Stanley raised Prosperity Bancshares from an "underweight" rating to an "equal weight" rating and set a $69.00 price objective for the company in a research note on Wednesday, February 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Truist Financial restated a "buy" rating and set a $75.00 target price on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, Barclays began coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an "equal weight" rating and a $68.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.