Prosperity Bancshares, Inc. (NYSE:PB) Announces Quarterly Dividend of $0.58

Prosperity Bancshares, Inc. (NYSE:PB) declared 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 2.94%.

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

Prosperity Bancshares stock opened at $78.84 on Thursday. The business’s 50-day simple moving average is $79.07 and its 200-day simple moving average is $74.32. The firm has a market capitalization of $7.51 billion, a PE ratio of 16.74, a PEG ratio of 1.12 and a beta of 0.93. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the company posted $1.20 earnings per share. Research analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the transaction, the director now owns 113,815 shares of the company’s stock, valued at $9,269,093.60. This represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,100 shares of company stock valued at $1,156,639. 4.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PB shares. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a research note on Tuesday, January 7th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Barclays upped their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Finally, UBS Group lowered their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $81.38.

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.