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

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) declared a quarterly dividend on Wednesday, April 16th, RTT News reports. Shareholders of record on Friday, June 13th will be given a dividend of 0.58 per share by the bank on Tuesday, July 1st. This represents a $2.32 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Friday, June 13th.

Prosperity Bancshares has increased its dividend payment by an average of 4.3% per year over the last three years and has raised its dividend annually for the last 27 consecutive years. Prosperity Bancshares has a payout ratio of 35.8% 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 Stock Down 0.5 %

Shares of NYSE PB traded down $0.36 during midday trading on Monday, reaching $65.44. 689,235 shares of the company's stock traded hands, compared to its average volume of 568,198. The company has a market cap of $6.23 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.76. The stock's 50 day simple moving average is $71.06 and its 200-day simple moving average is $75.45.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities analysts predict that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PB has been the topic of a number of recent analyst reports. Raymond James raised their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Stephens upped their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Thursday, April 10th. Barclays dropped their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Finally, Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $83.35.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total transaction of $31,810.00. Following the completion of the transaction, the director now owns 102,815 shares of the company's stock, valued at $6,541,090.30. The trade was a 0.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 5,500 shares of company stock valued at $402,415. Corporate insiders own 4.20% 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.