Prosperity Bancshares (NYSE:PB) Sets New 12-Month High – Time to Buy?

Prosperity Bancshares, Inc. (NYSE:PB) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $83.44 and last traded at $83.40, with a volume of 387130 shares. The stock had previously closed at $82.23.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Finally, Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Trading Up 0.9 %

The stock has a market cap of $7.90 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 1.19 and a beta of 0.89. The stock’s fifty day moving average price is $73.00 and its 200 day moving average price is $67.84.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the prior year, the company posted $1.20 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.80%. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. Victory Capital Management Inc. increased its position in Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares during the period. Bank of New York Mellon Corp boosted its holdings in Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in shares of Prosperity Bancshares by 4.6% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after buying an additional 36,480 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

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.