Prosperity Bancshares, Inc. (PB) to Issue Quarterly Dividend of $0.58 on April 1st

Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Wednesday, January 22nd,RTT News reports. Investors of record on Friday, March 14th will be paid a dividend of 0.58 per share by the bank on Tuesday, April 1st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Friday, March 14th.

Prosperity Bancshares has increased its dividend by an average of 4.3% per year over the last three years and has increased its dividend every year for the last 23 years. Prosperity Bancshares has a dividend payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Prosperity Bancshares to earn $5.78 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 40.1%.

Prosperity Bancshares Stock Down 0.6 %

Shares of PB stock opened at $78.31 on Friday. The stock has a market cap of $7.46 billion, a P/E ratio of 16.63, a PEG ratio of 1.11 and a beta of 0.93. The company’s fifty day simple moving average is $79.07 and its two-hundred day simple moving average is $74.32. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.75.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PB shares. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Barclays lifted their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $81.38.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $79.01, for a total transaction of $39,505.00. Following the transaction, the director now directly owns 108,315 shares in the company, valued at $8,557,968.15. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the sale, the director now owns 107,137 shares of the company’s stock, valued at $8,578,459.59. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,600 shares of company stock valued at $1,196,144 in the last 90 days. Company insiders own 4.28% 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.