Prosperity Bancshares, Inc. (NYSE:PB) Plans 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 paid a dividend of 0.58 per share by the bank on Tuesday, April 1st. This represents a $2.32 annualized dividend and a yield of 2.94%.

Prosperity Bancshares has increased its dividend payment by an average of 4.3% per year 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% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 0.7 %

NYSE PB traded down $0.55 on Wednesday, hitting $78.84. The company’s stock had a trading volume of 569,043 shares, compared to its average volume of 465,862. The firm has a market cap of $7.51 billion, a PE ratio of 16.74, a PEG ratio of 1.11 and a beta of 0.93. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75. The company’s 50-day moving average is $79.16 and its 200 day moving average is $74.28.

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

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,100 shares of company stock valued at $1,156,639 in the last quarter. Company insiders own 4.28% of the company’s stock.

Analyst Ratings Changes

PB has been the subject of a number of analyst reports. 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 report on Thursday, December 26th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Barclays boosted their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and an average 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.