Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Thursday, July 30th, Wall Street Journal reports. Shareholders of record on Tuesday, September 15th will be paid a dividend of 0.46 per share by the bank on Thursday, October 1st. This represents a $1.84 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Monday, September 14th.
Prosperity Bancshares has raised its dividend by an average of 36.3% per year over the last three years and has raised its dividend annually for the last 16 consecutive years. Prosperity Bancshares has a dividend payout ratio of 36.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Prosperity Bancshares to earn $4.95 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 37.2%.
Shares of Prosperity Bancshares stock opened at $55.56 on Friday. Prosperity Bancshares has a 12-month low of $42.02 and a 12-month high of $75.22. The company has a current ratio of 0.79, a quick ratio of 0.75 and a debt-to-equity ratio of 0.02. The stock has a market cap of $5.23 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.07 and a beta of 1.47. The company has a 50-day moving average of $57.73 and a two-hundred day moving average of $60.38.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.41 EPS for the quarter, beating the consensus estimate of $1.16 by $0.25. The business had revenue of $284.63 million for the quarter, compared to analyst estimates of $279.04 million. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. During the same period in the prior year, the business earned $1.18 earnings per share. On average, sell-side analysts forecast that Prosperity Bancshares will post 5.27 EPS for the current fiscal year.
PB has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on shares of Prosperity Bancshares in a report on Friday. They issued a “market perform” rating on the stock. Piper Sandler dropped their price target on shares of Prosperity Bancshares from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday. Raymond James raised their price objective on shares of Prosperity Bancshares from $58.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Royal Bank of Canada lifted their price target on shares of Prosperity Bancshares from $62.00 to $63.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Compass Point began coverage on shares of Prosperity Bancshares in a research report on Tuesday, April 14th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $69.50.
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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