Prosperity Bancshares, Inc. (PB) To Go Ex-Dividend on June 14th

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

Prosperity Bancshares has raised its dividend by an average of 5.7% per year over the last three years and has increased its dividend every year for the last 27 years. Prosperity Bancshares has a dividend payout ratio of 38.2% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 0.5 %

Shares of NYSE PB opened at $59.69 on Friday. The business’s 50 day moving average is $62.63 and its two-hundred day moving average is $61.29. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $68.88. The firm has a market cap of $5.58 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.20 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The firm had revenue of $413.00 million for the quarter, compared to the consensus estimate of $279.34 million. During the same quarter in the previous year, the business earned $1.51 EPS. Analysts anticipate that Prosperity Bancshares will post 4.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the company. Covestor Ltd raised its position in Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after purchasing an additional 315 shares during the last quarter. State of Wyoming raised its holdings in shares of Prosperity Bancshares by 25.1% in the second quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after buying an additional 179 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Prosperity Bancshares by 73.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after buying an additional 300 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Prosperity Bancshares during the first quarter worth about $56,000. Finally, KBC Group NV acquired a new position in Prosperity Bancshares in the 4th quarter valued at about $119,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent research reports. Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target for the company. Raymond James boosted their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a research report on Wednesday, February 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.79.

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.