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

Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Wednesday, April 16th, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.58 per share by the bank on Tuesday, July 1st. This represents a $2.32 annualized dividend and a yield of 3.54%.

Prosperity Bancshares has raised 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 27 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 $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 Price Performance

PB opened at $65.58 on Thursday. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The company’s 50-day moving average is $71.85 and its 200 day moving average is $75.49. The firm has a market capitalization of $6.25 billion, a P/E ratio of 12.96, a PEG ratio of 0.94 and a beta of 0.82.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James increased their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, April 10th. Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Bank of America upgraded shares of 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. Finally, UBS Group reduced their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $83.35.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $79.92, for a total value of $39,960.00. Following the sale, the director now directly owns 107,815 shares of the company’s stock, valued at $8,616,574.80. This trade represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 5,000 shares of company stock valued at $369,480. Company insiders own 4.20% 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.