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

Prosperity Bancshares, Inc. (NYSE:PB) announced a quarterly dividend on Wednesday, April 17th, Zacks reports. Shareholders 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 yield of 3.75%. The ex-dividend date of this dividend is Friday, June 14th.

Prosperity Bancshares has raised its dividend payment by an average of 5.7% annually over the last three years and has raised 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 Price Performance

Shares of NYSE PB opened at $59.69 on Friday. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $68.88. The business’s fifty day moving average price is $62.63 and its two-hundred day moving average price is $61.29. The firm has a market capitalization of $5.58 billion, a PE ratio of 13.18, a P/E/G ratio of 1.20 and a beta of 0.93.

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. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The firm had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. During the same period last year, the company earned $1.51 earnings per share. Equities research analysts expect that Prosperity Bancshares will post 4.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PB. Advisor Group Holdings Inc. boosted its stake in Prosperity Bancshares by 3.1% during the first quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock valued at $411,000 after buying an additional 181 shares in the last quarter. HighTower Advisors LLC boosted its stake in Prosperity Bancshares by 12.1% during the first quarter. HighTower Advisors LLC now owns 19,485 shares of the bank’s stock valued at $1,353,000 after buying an additional 2,102 shares in the last quarter. Panagora Asset Management Inc. bought a new position in Prosperity Bancshares during the first quarter valued at about $274,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Prosperity Bancshares by 10.5% during the first 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 buying an additional 3,222 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in Prosperity Bancshares by 3.1% during the first quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock valued at $569,805,000 after buying an additional 244,440 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

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.