Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Thursday, January 25th, Wall Street Journal reports. Shareholders of record on Friday, March 16th will be given a dividend of 0.36 per share by the bank on Monday, April 2nd. This represents a $1.44 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, March 15th.
Prosperity Bancshares has increased its dividend payment by an average of 12.3% per year over the last three years and has increased its dividend every year for the last 14 years. Prosperity Bancshares has a dividend payout ratio of 36.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Prosperity Bancshares to earn $5.09 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 28.3%.
Prosperity Bancshares (NYSE:PB) opened at $78.61 on Friday. The stock has a market cap of $5,412.66, a PE ratio of 20.00, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32. Prosperity Bancshares has a one year low of $55.84 and a one year high of $79.05.
In related news, insider Michael Epps sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $75.15, for a total value of $300,600.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Hollaway sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total transaction of $381,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,800 shares of company stock valued at $818,280. Company insiders own 4.93% of the company’s stock.
A number of research firms have issued reports on PB. ValuEngine raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Zacks Investment Research lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. DA Davidson upped their price target on shares of Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. SunTrust Banks reaffirmed a “buy” rating and issued a $85.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 25th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $74.45.
Prosperity Bancshares declared that its board has initiated a share repurchase plan on Friday, January 19th that permits the company to buyback 3,470,000 shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
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Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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