Prosperity Bancshares, Inc. (NYSE:PB) Declares Dividend Increase – $0.64 Per Share

Prosperity Bancshares, Inc. (NYSE:PB) announced a quarterly dividend on Wednesday, October 21st. Shareholders of record on Tuesday, December 15th will be paid a dividend of $0.64 per share by the bank on Monday, January 4th. This represents a $2.56 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, December 15th. This is a 6.7% increase from Prosperity Bancshares’s previous quarterly dividend of $0.60.

Prosperity Bancshares has a payout ratio of 37.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Prosperity Bancshares to earn $7.36 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 32.6%.

Prosperity Bancshares Trading Down 0.1%

Shares of Prosperity Bancshares stock traded down $0.09 during trading hours on Wednesday, reaching $68.16. The stock had a trading volume of 757,358 shares, compared to its average volume of 1,108,907. The firm has a 50 day simple moving average of $70.11 and a two-hundred day simple moving average of $70.51. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 0.75 and a beta of 0.66. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares has a 1 year low of $62.28 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The business had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. During the same period in the previous year, the company posted $1.42 EPS. The company’s revenue was up 25.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Prosperity Bancshares will post 6.46 earnings per share for the current year.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $66.22, for a total transaction of $33,110.00. Following the sale, the director owned 66,615 shares in the company, valued at $4,411,245.30. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 12,700 shares of company stock valued at $902,833 over the last three months. 3.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Crossmark Global Holdings Inc. purchased a new stake in Prosperity Bancshares during the 3rd quarter worth $690,000. Quadrant Capital Group LLC boosted its position in Prosperity Bancshares by 59.3% in the 3rd quarter. Quadrant Capital Group LLC now owns 7,391 shares of the bank’s stock valued at $490,000 after buying an additional 2,752 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Prosperity Bancshares by 73.5% during the third quarter. Nisa Investment Advisors LLC now owns 3,464 shares of the bank’s stock valued at $232,000 after acquiring an additional 1,467 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter valued at about $609,000. Finally, AWM Capital LLC purchased a new stake in shares of Prosperity Bancshares during the third quarter worth about $263,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.