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

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

Prosperity Bancshares has increased its dividend payment by an average of 5.7% per year 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% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of NYSE:PB opened at $59.69 on Friday. The company’s fifty day moving average is $62.63 and its two-hundred day moving average is $61.29. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $68.88. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.20 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data 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 net margin of 26.24% and a return on equity of 6.62%. The firm had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. During the same quarter in the prior year, the business earned $1.51 earnings per share. Sell-side analysts expect that Prosperity Bancshares will post 4.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Prosperity Bancshares

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

Analysts Set New Price Targets

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

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.