Prosperity Bancshares, Inc. (NYSE:PB) Plans $0.56 Quarterly Dividend

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

Prosperity Bancshares has raised its dividend by an average of 5.7% per year over the last three years and has increased its dividend every year for the last 27 years. Prosperity Bancshares has a payout ratio of 38.2% meaning 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. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88. The business’s 50-day simple moving average is $62.63 and its 200 day simple moving average is $61.29. The stock has a market cap 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.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The company had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. During the same period in the prior year, the company posted $1.51 EPS. On average, equities research analysts predict that Prosperity Bancshares will post 4.96 EPS for the current year.

Institutional Trading of Prosperity Bancshares

A number of large investors have recently modified their holdings of the company. Advisor Group Holdings Inc. grew its position in Prosperity Bancshares by 3.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock worth $411,000 after purchasing an additional 181 shares during the last quarter. HighTower Advisors LLC grew its holdings in Prosperity Bancshares by 12.1% in the 1st quarter. HighTower Advisors LLC now owns 19,485 shares of the bank’s stock worth $1,353,000 after buying an additional 2,102 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $274,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Prosperity Bancshares by 10.5% during 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 acquiring an additional 3,222 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Prosperity Bancshares by 3.1% during the 1st quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock worth $569,805,000 after acquiring an additional 244,440 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PB shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Barclays assumed coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price for the company. Truist Financial reissued a “buy” rating and set a $75.00 price target on shares of Prosperity Bancshares in a research report on Monday, April 1st. Raymond James boosted their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a research report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.79.

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.