Prosperity Bancshares, Inc. (NYSE:PB) Declares Quarterly Dividend of $0.46

Prosperity Bancshares, Inc. (NYSE:PB) announced a quarterly dividend on Thursday, July 30th, Wall Street Journal reports. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.46 per share by the bank on Thursday, October 1st. This represents a $1.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Monday, September 14th.

Prosperity Bancshares has increased its dividend by an average of 36.3% per year over the last three years and has increased its dividend every year for the last 16 years. Prosperity Bancshares has a dividend payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Prosperity Bancshares to earn $4.95 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 37.2%.

PB stock opened at $55.56 on Friday. Prosperity Bancshares has a 52 week low of $42.02 and a 52 week high of $75.22. The business has a 50-day simple moving average of $57.73 and a 200 day simple moving average of $60.38. The company has a quick ratio of 0.75, a current ratio of 0.79 and a debt-to-equity ratio of 0.02. The company has a market cap of $5.23 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.07 and a beta of 1.47.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.41 EPS for the quarter, beating the consensus estimate of $1.16 by $0.25. The company had revenue of $284.63 million during the quarter, compared to analysts’ expectations of $279.04 million. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. During the same period in the previous year, the company earned $1.18 EPS. On average, analysts anticipate that Prosperity Bancshares will post 5.27 EPS for the current fiscal year.

A number of brokerages have weighed in on PB. Royal Bank of Canada raised their target price on Prosperity Bancshares from $62.00 to $63.00 and gave the company a “sector perform” rating in a report on Thursday. Compass Point began coverage on Prosperity Bancshares in a research note on Tuesday, April 14th. They issued a “buy” rating on the stock. Piper Sandler lowered their target price on Prosperity Bancshares from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday. Morgan Stanley raised their price target on shares of Prosperity Bancshares from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, June 8th. Finally, SunTrust Banks lowered their price target on shares of Prosperity Bancshares from $80.00 to $72.00 and set a “buy” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $69.50.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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.

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Dividend History for Prosperity Bancshares (NYSE:PB)

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