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

Prosperity Bancshares, Inc. (NYSE:PB) announced a quarterly dividend on Wednesday, January 22nd, RTT News reports. Stockholders of record on Friday, March 14th will be given 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 3.28%. 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 raised its dividend annually for the last 27 consecutive years. Prosperity Bancshares has a payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Prosperity Bancshares to earn $6.44 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 36.0%.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $70.76 on Wednesday. The company has a 50 day moving average price of $77.17 and a 200-day moving average price of $76.36. The company has a market capitalization of $6.74 billion, a PE ratio of 13.98, a P/E/G ratio of 0.94 and a beta of 0.94. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Raymond James lifted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 7th. Stephens lifted their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. UBS Group cut their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.88.

Insider Transactions at Prosperity Bancshares

In related news, Director Harrison Stafford II sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the sale, the director now directly owns 107,137 shares in the company, valued at approximately $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total value of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares in the company, valued at $7,753,290.30. The trade was a 0.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock valued at $706,870 in the last three months. 4.28% of the stock is currently owned by company insiders.

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.