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.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Wednesday, August 3rd. Truist Financial reduced their target price on shares of Prosperity Bancshares from $78.00 to $77.00 and set a "buy" rating on the stock in a research report on Wednesday, June 15th. Piper Sandler reduced their target price on shares of Prosperity Bancshares to $78.00 in a research report on Monday, July 4th. Finally, Wolfe Research reduced their target price on shares of Prosperity Bancshares from $69.00 to $63.00 and set an "underperform" rating on the stock in a research report on Thursday, May 26th. One 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 MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $77.25.
Prosperity Bancshares Trading Down 0.2 %
Shares of PB traded down $0.12 on Wednesday, reaching $77.32. 309,510 shares of the company's stock were exchanged, compared to its average volume of 517,723. The stock has a market capitalization of $7.13 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.33 and a beta of 1.05. The business has a 50 day moving average price of $70.50 and a two-hundred day moving average price of $70.60. Prosperity Bancshares has a 12 month low of $64.40 and a 12 month high of $80.46.
Prosperity Bancshares (NYSE:PB - Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.02. The business had revenue of $286.10 million during the quarter, compared to the consensus estimate of $285.39 million. Prosperity Bancshares had a net margin of 43.50% and a return on equity of 7.85%. Prosperity Bancshares's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.77 EPS for the current year.
Prosperity Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Wednesday, September 14th. Prosperity Bancshares's payout ratio is presently 37.82%.
Insider Buying and Selling at Prosperity Bancshares
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 1,200 shares of the company's stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $72.57, for a total value of $87,084.00. Following the completion of the sale, the director now owns 135,455 shares of the company's stock, valued at $9,829,969.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Robert H. Steelhammer sold 1,200 shares of the 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 sale, the director now owns 135,455 shares of the company's stock, valued at $9,829,969.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman H E. Timanus, Jr. acquired 2,000 shares of the stock in a transaction dated Thursday, June 16th. The shares were bought at an average cost of $65.60 per share, with a total value of $131,200.00. Following the transaction, the chairman now directly owns 4,000 shares of the company's stock, valued at $262,400. The disclosure for this purchase can be found here. Insiders own 4.22% of the company's stock.
