Prosperity Bancshares (NYSE:PB) Issues Earnings Results, Beats Estimates By $0.02 EPS

Prosperity Bancshares (NYSE:PB - Get Free Report) announced its earnings results on Wednesday. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.02, Zacks reports. The business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter last year, the company posted $1.22 EPS.

Prosperity Bancshares Stock Up 0.2%

Prosperity Bancshares stock traded up $0.11 during midday trading on Friday, hitting $67.70. 1,100,530 shares of the stock were exchanged, compared to its average volume of 759,599. The company has a fifty day simple moving average of $70.74 and a two-hundred day simple moving average of $72.13. Prosperity Bancshares has a 52 week low of $61.57 and a 52 week high of $86.75. The stock has a market capitalization of $6.45 billion, a PE ratio of 12.31, a P/E/G ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's payout ratio is 42.18%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the transaction, the director owned 45,700 shares of the company's stock, valued at approximately $3,239,673. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 12,500 shares of company stock valued at $885,446 over the last 90 days. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Prosperity Bancshares by 21.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock valued at $2,155,000 after buying an additional 5,326 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock valued at $521,000 after purchasing an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock valued at $24,705,000 after purchasing an additional 17,345 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock valued at $7,476,000 after purchasing an additional 67,712 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PB shares. Royal Bank Of Canada lowered their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Barclays reduced their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $84.27.

Prosperity Bancshares Company Profile

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.