Prosperity Bancshares, Inc. (PB) to Issue Quarterly Dividend of $0.64 on January 4th

Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Tuesday, October 20th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.64 per share by the bank on Monday, January 4th. This represents a $2.56 dividend on an annualized basis and a yield of 3.7%. 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 Stock Up 1.5%

PB stock traded up $1.04 during mid-day trading on Thursday, hitting $69.16. 29,052 shares of the company were exchanged, compared to its average volume of 1,103,487. The company has a market capitalization of $6.98 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 0.76 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 twelve month low of $62.28 and a twelve month high of $77.20. The firm has a fifty day simple moving average of $69.98 and a 200 day simple moving average of $70.52.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 EPS. On average, research analysts forecast that Prosperity Bancshares will post 6.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Cantor Fitzgerald decreased their price target on Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Barclays upped their price objective on Prosperity Bancshares from $68.00 to $70.00 and gave the company an “underweight” rating in a research note on Monday, October 5th. TD Cowen reduced their target price on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, Morgan Stanley increased their target price on Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $77.55.

Prosperity Bancshares Company Profile

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.