Prosperity Bancshares, Inc. (NYSE:PB) to Issue $0.58 Quarterly Dividend

Prosperity Bancshares, Inc. (NYSE:PB) announced 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 yield of 2.96%. The ex-dividend date is Friday, March 14th.

Prosperity Bancshares has raised its dividend payment by an average of 4.3% annually over the last three years and has increased its dividend every year for the last 23 years. Prosperity Bancshares has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. 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 Performance

PB stock opened at $78.31 on Friday. The firm has a 50-day simple moving average of $79.07 and a two-hundred day simple moving average of $74.32. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.11 and a beta of 0.93.

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

Insider Transactions at Prosperity Bancshares

In other news, Director Harrison Stafford II sold 4,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now directly owns 107,137 shares in the company, valued at $8,578,459.59. This trade represents a 3.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares of the company’s stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,600 shares of company stock worth $1,196,144 over the last quarter. 4.28% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PB shares. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. 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 research note on Thursday, December 26th. Finally, Wedbush reiterated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $81.38.

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.