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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery. In addition, it provides internet banking, mobile banking, trust and wealth management, retail brokerage, mortgage services, and treasury management, as well as debit and credit cards. As of December 31, 2021, the company operated 273 full-service banking locations comprising 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 63 in the Dallas/Fort Worth, Texas area; 22 in the East Texas area; 29 in the Central Texas area, including Austin and San Antonio; 34 in the West Texas area, including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area doing business as LegacyTexas Bank. Prosperity Bancshares, Inc. was founded in 1983 and is based in Houston, Texas.
Prosperity Bancshares Trading Up 0.2 %
NYSE:PB opened at $77.50 on Friday. The firm's fifty day simple moving average is $70.75 and its two-hundred day simple moving average is $70.67. Prosperity Bancshares has a 12-month low of $64.40 and a 12-month high of $80.46. The firm has a market capitalization of $7.14 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.34 and a beta of 1.05.
Prosperity Bancshares (NYSE:PB - Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.38 by $0.02. The firm had revenue of $286.10 million for the quarter, compared to analyst estimates of $285.39 million. Prosperity Bancshares had a net margin of 43.50% and a return on equity of 7.85%. The business's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. As a group, sell-side analysts predict that Prosperity Bancshares will post 5.77 earnings per share for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Wednesday, September 14th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 37.82%.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the company. Truist Financial reduced their price target on Prosperity Bancshares from $78.00 to $77.00 and set a "buy" rating on the stock in a report on Wednesday, June 15th. Wolfe Research reduced their price objective on Prosperity Bancshares from $69.00 to $63.00 and set an "underperform" rating for the company in a research note on Thursday, May 26th. Piper Sandler reduced their price objective on Prosperity Bancshares to $78.00 in a research note on Monday, July 4th. Finally, StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $77.25.
Insider Activity
In related news, Director Robert H. Steelhammer sold 1,200 shares of the business's stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $72.57, for a total transaction of $87,084.00. Following the completion of the transaction, the director now directly owns 135,455 shares in the company, valued at $9,829,969.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert H. Steelhammer sold 1,200 shares of the business's stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $72.57, for a total transaction of $87,084.00. Following the completion of the transaction, the director now directly owns 135,455 shares in the company, valued at $9,829,969.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. acquired 2,000 shares of the firm's stock in a transaction on Thursday, June 16th. The stock was purchased at an average price of $65.60 per share, with a total value of $131,200.00. Following the transaction, the chairman now owns 4,000 shares of the company's stock, valued at approximately $262,400. The disclosure for this purchase can be found here. Corporate insiders own 4.22% of the company's stock.
