Prosperity Bancshares, Inc. (NYSE:PB) to Issue $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 given a dividend of 0.56 per share by the bank on Monday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Friday, June 14th.

Prosperity Bancshares has increased its dividend payment by an average of 5.7% annually over the last three years and has raised its dividend annually for the last 27 consecutive years. Prosperity Bancshares has a payout ratio of 38.2% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 0.5 %

NYSE:PB opened at $59.69 on Friday. The company has a market cap of $5.58 billion, a P/E ratio of 13.18, a P/E/G ratio of 1.20 and a beta of 0.93. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $68.88. The company’s 50-day moving average price is $62.63 and its 200-day moving average price is $61.29.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. The business had revenue of $413.00 million for the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period in the previous year, the firm posted $1.51 EPS. On average, analysts expect that Prosperity Bancshares will post 4.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of PB. Price T Rowe Associates Inc. MD raised its position in shares of Prosperity Bancshares by 10.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,896 shares of the bank’s stock worth $3,244,000 after acquiring an additional 4,420 shares in the last quarter. Childress Capital Advisors LLC acquired a new position in shares of Prosperity Bancshares in the 4th quarter valued at $272,000. Public Employees Retirement System of Ohio grew its position in shares of Prosperity Bancshares by 2.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 37,559 shares of the bank’s stock valued at $2,544,000 after buying an additional 1,055 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Prosperity Bancshares by 17.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 10,153 shares of the bank’s stock worth $688,000 after acquiring an additional 1,544 shares in the last quarter. Finally, Port Capital LLC boosted its stake in Prosperity Bancshares by 0.8% in the fourth quarter. Port Capital LLC now owns 554,888 shares of the bank’s stock valued at $37,583,000 after acquiring an additional 4,300 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

About Prosperity Bancshares

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.