Prosperity Bancshares, Inc. (NYSE:PB) Increases Dividend to $0.46 Per Share

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Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Investors of record on Monday, December 16th will be given a dividend of 0.46 per share by the bank on Thursday, January 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.41.

Prosperity Bancshares stock opened at $69.81 on Thursday. The company has a 50 day moving average price of $70.82 and a 200 day moving average price of $68.18. Prosperity Bancshares has a 52 week low of $57.01 and a 52 week high of $75.36. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 14.91, a P/E/G ratio of 1.47 and a beta of 1.36.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Prosperity Bancshares had a net margin of 38.03% and a return on equity of 8.02%. The firm had revenue of $184.67 million during the quarter, compared to analyst estimates of $187.48 million. During the same quarter last year, the business posted $1.18 EPS. The company’s revenue was down 1.7% on a year-over-year basis. Equities analysts expect that Prosperity Bancshares will post 4.8 earnings per share for the current year.

A number of research firms have issued reports on PB. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 target price for the company. in a research report on Thursday, October 3rd. SunTrust Banks set a $82.00 target price on shares of Prosperity Bancshares and gave the stock a “buy” rating in a research report on Friday, October 25th. Morgan Stanley cut their target price on shares of Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Hovde Group downgraded shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a research report on Wednesday. Finally, Piper Jaffray Companies set a $75.50 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research report on Friday, October 25th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $72.90.

In related news, COO Kevin J. Hanigan bought 3,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was bought at an average price of $69.24 per share, for a total transaction of $207,720.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.86% of the stock is owned by corporate insiders.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.

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Dividend History for Prosperity Bancshares (NYSE:PB)

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