Prosperity Bancshares (NYSE:PB) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Prosperity Bancshares (NYSE:PB) posted its earnings results on Wednesday. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04, Zacks reports. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%.

Prosperity Bancshares Trading Down 0.4 %

Shares of Prosperity Bancshares stock opened at $79.93 on Wednesday. The company has a 50-day moving average of $78.85 and a two-hundred day moving average of $74.90. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75. The stock has a market cap of $7.61 billion, a PE ratio of 16.97, a price-to-earnings-growth ratio of 1.11 and a beta of 0.93.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PB shares. Barclays raised their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $81.38.

Insider Buying and Selling

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,600 shares of company stock worth $1,196,144 in the last quarter. Company insiders own 4.28% of the company’s stock.

About Prosperity Bancshares

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.