Prosperity Bancshares, Inc. (NYSE:PB) Plans Quarterly Dividend of $0.58

Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Wednesday, January 22nd,RTT News reports. Shareholders of record on Friday, March 14th will be paid a dividend of 0.58 per share by the bank on Tuesday, April 1st. This represents a $2.32 annualized dividend and a yield of 2.94%.

Prosperity Bancshares has increased its dividend payment by an average of 4.3% annually over the last three years and has raised its dividend every year for the last 23 years. Prosperity Bancshares has a dividend payout ratio of 35.8% indicating that 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 $2.32 annual dividend with an expected future payout ratio of 40.1%.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.55 during mid-day trading on Wednesday, hitting $78.84. The company’s stock had a trading volume of 569,043 shares, compared to its average volume of 465,862. The company has a 50 day moving average of $79.16 and a 200-day moving average of $74.28. The stock has a market cap of $7.51 billion, a PE ratio of 16.74, a P/E/G ratio of 1.11 and a beta of 0.93. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the prior year, the company posted $1.20 EPS. On average, equities research analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Analyst Ratings Changes

PB has been the topic of a number of recent research reports. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.38.

Insider Activity at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leah Henderson sold 1,100 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the transaction, the director now owns 7,525 shares in the company, valued at $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,100 shares of company stock worth $1,156,639 in the last three months. Company insiders own 4.28% of the company’s stock.

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.