Prosperity Bancshares, Inc. (NYSE:PB) released its earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02, MarketWatch Earnings reports. The business had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same quarter in the previous year, the company earned $0.99 earnings per share.
Shares of Prosperity Bancshares (PB) traded down $0.11 during mid-day trading on Friday, hitting $62.90. 298,700 shares of the stock traded hands, compared to its average volume of 475,960. Prosperity Bancshares has a 52-week low of $55.84 and a 52-week high of $77.87. The firm has a market cap of $4,378.19, a price-to-earnings ratio of 15.95, a P/E/G ratio of 1.59 and a beta of 1.36.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a $0.36 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.43%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $300,000.00. Following the transaction, the director now directly owns 137,800 shares in the company, valued at approximately $8,268,000. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.93% of the company’s stock.
PB has been the subject of a number of research reports. SunTrust Banks, Inc. reissued a “buy” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Monday, October 2nd. Zacks Investment Research raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. Royal Bank of Canada reissued a “hold” rating and set a $71.00 target price on shares of Prosperity Bancshares in a research note on Friday, September 8th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Finally, Stephens set a $73.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $71.05.
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About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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