Prosperity Bancshares, Inc. (NYSE:PB) Declares Quarterly Dividend of $0.60

Key Points

• Prosperity Bancshares, Inc. announced a quarterly dividend of $0.60 per share, marking a 3.4% increase from the previous dividend of $0.58, with a dividend yield of 3.8%.
• The ex-dividend date is set for December 15, and the dividend will be paid on January 2 for stockholders of record.
• Prosperity Bancshares has a dividend payout ratio of 36.1%, indicating that its dividend is well-supported by earnings expected at $6.44 per share next year.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) announced a quarterly dividend on Wednesday, October 22nd. Stockholders of record on Monday, December 15th will be given a dividend of 0.60 per share by the bank on Friday, January 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, December 15th. This is a 3.4% increase from Prosperity Bancshares's previous quarterly dividend of $0.58.

Prosperity Bancshares has a dividend payout ratio of 36.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Prosperity Bancshares to earn $6.44 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 36.0%.

Prosperity Bancshares Stock Performance

Shares of PB traded down $0.56 during mid-day trading on Wednesday, reaching $62.89. 912,014 shares of the company's stock traded hands, compared to its average volume of 764,482. The business's 50-day moving average price is $66.68 and its 200-day moving average price is $68.36. The stock has a market capitalization of $5.97 billion, a P/E ratio of 11.43, a price-to-earnings-growth ratio of 0.95 and a beta of 0.73. Prosperity Bancshares has a 12 month low of $61.06 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same quarter in the previous year, the company posted $1.22 earnings per share. Equities research analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.