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. Shareholders 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 yield of 2.94%.

Prosperity Bancshares has increased its dividend by an average of 4.3% annually over the last three years and has increased its dividend annually for the last 23 consecutive years. Prosperity Bancshares has a dividend 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 Trading Down 0.7 %

PB stock opened at $78.84 on Thursday. The stock has a 50-day moving average price of $79.07 and a two-hundred day moving average price of $74.32. The stock has a market cap of $7.51 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.12 and a beta of 0.93. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75.

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

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total value of $42,330.00. Following the completion of the sale, the director now directly owns 113,315 shares in the company, valued at $9,593,247.90. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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 insiders.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of recent research reports. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays raised their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. UBS Group cut 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 report on Thursday, December 26th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. Finally, Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.