Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.04 and traded as high as $74.79. Prosperity Bancshares shares last traded at $74.6590, with a volume of 998,097 shares traded.
Analyst Ratings Changes
A number of equities analysts recently issued reports on PB shares. Piper Sandler upped their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, April 30th. Weiss Ratings raised shares of Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, July 1st. Citigroup boosted their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, June 25th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Benchmark initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a "hold" rating on the stock. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $76.36.
Get Our Latest Stock Report on Prosperity Bancshares
Prosperity Bancshares Stock Performance
The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $70.45 and a 200 day simple moving average of $70.04. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 1.16 and a beta of 0.63.
Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company's revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.37 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a dividend of $0.60 per share. The ex-dividend date was Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. Prosperity Bancshares's dividend payout ratio is currently 43.48%.
Insider Transactions at Prosperity Bancshares
In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $69.85, for a total value of $41,910.00. Following the transaction, the director directly owned 40,900 shares in the company, valued at approximately $2,856,865. The trade was a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 13,200 shares of company stock worth $926,152. Company insiders own 3.96% of the company's stock.
Institutional Investors Weigh In On Prosperity Bancshares
Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock valued at $2,155,000 after acquiring an additional 5,326 shares during the period. NewEdge Advisors LLC lifted its position in Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock worth $521,000 after acquiring an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock worth $24,705,000 after acquiring an additional 17,345 shares during the period. Jane Street Group LLC grew its stake in shares of Prosperity Bancshares by 182.8% in the 1st 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. Finally, Sivia Capital Partners LLC purchased a new position in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $359,000. Institutional investors and hedge funds own 80.69% of the company's stock.
About Prosperity Bancshares
(
Get Free Report)
Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.
Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.
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