Prosperity Bancshares (NYSE:PB) Shares Break Above Fifty Day Moving Average – Here’s Why

Prosperity Bancshares, Inc. (NYSE:PB – Get Free Report) shares passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $69.72 and traded as high as $70.68. Prosperity Bancshares shares last traded at $69.7820, with a volume of 1,041,340 shares traded.

Analyst Ratings Changes

PB has been the subject of a number of recent analyst reports. Royal Bank Of Canada decreased their target price on Prosperity Bancshares from $80.00 to $77.00 and set a “sector perform” rating for the company in a research report on Friday, October 9th. Barclays lifted their price target on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the company an “underweight” rating in a research report on Monday, October 5th. Morgan Stanley boosted their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a research note on Monday, September 28th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings downgraded shares of Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus price target of $77.55.

View Our Latest Stock Report on Prosperity Bancshares

Prosperity Bancshares Trading Up 0.4%

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of 12.09, a P/E/G ratio of 0.77 and a beta of 0.66. The business has a 50-day moving average of $69.72 and a two-hundred day moving average of $70.36.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter last year, the company earned $1.42 EPS. The company’s quarterly revenue was up 25.9% on a year-over-year basis. Research analysts predict that Prosperity Bancshares, Inc. will post 6.46 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.7%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.60. The ex-dividend date is Tuesday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $74.26, for a total transaction of $44,556.00. Following the completion of the transaction, the director directly owned 39,500 shares of the company’s stock, valued at approximately $2,933,270. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 13,800 shares of company stock worth $977,902 in the last three months. Corporate insiders own 3.96% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Prosperity Bancshares during the 2nd quarter valued at about $746,776,000. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after buying an additional 205,291 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Prosperity Bancshares in the second quarter valued at about $350,099,000. North Reef Capital Management LP boosted its position in Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after buying an additional 662,877 shares in the last quarter. Finally, Algebris UK Ltd. bought a new stake in Prosperity Bancshares during the second quarter worth about $59,465,000. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

(Get Free Report)

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.

Further Reading

Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.