Prosperity Bancshares, Inc. (NYSE:PB) to Issue Quarterly Dividend of $0.56

Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Wednesday, April 17th, Zacks reports. Shareholders of record on Friday, June 14th will be given a dividend of 0.56 per share by the bank on Monday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, June 14th.

Prosperity Bancshares has increased its dividend by an average of 5.7% per year over the last three years and has increased its dividend annually for the last 27 consecutive years. Prosperity Bancshares has a dividend payout ratio of 38.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Prosperity Bancshares to earn $5.78 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 38.8%.

Prosperity Bancshares Stock Performance

NYSE PB opened at $59.69 on Friday. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.20 and a beta of 0.93. The company’s 50-day simple moving average is $62.63 and its two-hundred day simple moving average is $61.29. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $413.00 million for the quarter, compared to the consensus estimate of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same quarter last year, the firm posted $1.51 EPS. Equities analysts expect that Prosperity Bancshares will post 4.96 earnings per share for the current fiscal year.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Advisor Group Holdings Inc. lifted its stake in Prosperity Bancshares by 3.1% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock valued at $411,000 after acquiring an additional 181 shares during the period. HighTower Advisors LLC lifted its stake in shares of Prosperity Bancshares by 12.1% in the 1st quarter. HighTower Advisors LLC now owns 19,485 shares of the bank’s stock valued at $1,353,000 after purchasing an additional 2,102 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at $274,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Prosperity Bancshares by 10.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,779 shares of the bank’s stock valued at $2,344,000 after purchasing an additional 3,222 shares during the period. Finally, BlackRock Inc. lifted its stake in shares of Prosperity Bancshares by 3.1% in the 1st quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock valued at $569,805,000 after purchasing an additional 244,440 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays assumed coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research report on Wednesday, February 7th. Truist Financial reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st. Finally, Raymond James lifted their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong 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 $68.79.

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.