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

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) announced a quarterly dividend on Wednesday, July 16th, RTT News reports. Stockholders of record on Monday, September 15th will be paid a dividend of 0.58 per share by the bank on Wednesday, October 1st. This represents a $2.32 annualized dividend and a dividend yield of 3.15%.

Prosperity Bancshares has a dividend payout ratio of 36.1% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Prosperity Bancshares stock traded up $1.37 during midday trading on Thursday, reaching $73.77. The company's stock had a trading volume of 216,949 shares, compared to its average volume of 603,356. Prosperity Bancshares has a 52-week low of $61.57 and a 52-week high of $86.76. The stock has a market capitalization of $7.03 billion, a P/E ratio of 14.04, a PEG ratio of 0.99 and a beta of 0.68. The stock's 50-day simple moving average is $70.92 and its 200-day simple moving average is $72.32.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The company had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same period last year, the business earned $1.18 EPS. Prosperity Bancshares's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities research analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PB shares. Barclays decreased their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Hovde Group cut their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Royal Bank Of Canada decreased their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods cut their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total value of $35,990.00. Following the completion of the sale, the director directly owned 97,415 shares in the company, valued at $7,011,931.70. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 11,900 shares of company stock valued at $842,005. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds have recently modified their holdings of PB. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock valued at $24,705,000 after buying an additional 17,345 shares during the period. Jane Street Group LLC grew its position in Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock worth $7,476,000 after acquiring an additional 67,712 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock worth $2,155,000 after acquiring an additional 5,326 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock valued at $521,000 after purchasing an additional 1,962 shares during the period. Hedge funds and other 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.