Prosperity Bancshares, Inc. (PB) to Issue Quarterly Dividend of $0.58 on July 1st

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 given a dividend of 0.58 per share by the bank on Tuesday, July 1st. This represents a $2.32 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Friday, June 13th.

Prosperity Bancshares has a dividend payout ratio of 36.1% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of PB opened at $70.94 on Wednesday. The company has a 50-day simple moving average of $68.63 and a 200-day simple moving average of $73.90. The firm has a market capitalization of $6.76 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.94 and a beta of 0.68. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PB. Hovde Group cut their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price target for the company. Royal Bank of Canada dropped their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. Morgan Stanley dropped their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.80.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $72.12, for a total transaction of $36,060.00. Following the sale, the director now directly owns 103,815 shares of the company’s stock, valued at $7,487,137.80. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 6,700 shares of company stock valued at $465,634 over the last three months. 4.20% of the stock is owned by insiders.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently modified their holdings of PB. Jane Street Group LLC boosted its stake in Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after acquiring an additional 67,712 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after acquiring an additional 17,345 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock valued at $521,000 after acquiring an additional 1,962 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Prosperity Bancshares by 21.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after acquiring an additional 5,326 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

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.