Prosperity Bancshares, Inc. (PB) to Issue Quarterly Dividend of $0.60 on October 1st

Prosperity Bancshares, Inc. (NYSE:PB) declared a quarterly dividend on Tuesday, July 21st. Investors of record on Tuesday, September 15th will be given a dividend of 0.60 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th.

Prosperity Bancshares has raised its dividend by an average of 0.0%annually 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 37.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Prosperity Bancshares to earn $7.35 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 32.7%.

Prosperity Bancshares Trading Down 0.2%

NYSE:PB opened at $71.34 on Friday. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20. The firm has a 50 day moving average of $73.02 and a 200 day moving average of $70.41. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 0.78 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. Prosperity Bancshares’s revenue was up 25.9% compared to the same quarter last year. During the same period last year, the firm earned $1.42 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 6.48 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ned Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $71.66, for a total transaction of $42,996.00. Following the completion of the transaction, the director directly owned 40,100 shares in the company, valued at $2,873,566. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 12,100 shares of company stock worth $881,715 over the last three months. Company insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently modified their holdings of PB. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the third quarter worth about $40,000. Parkside Financial Bank & Trust raised its position in Prosperity Bancshares by 52.0% during the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after acquiring an additional 197 shares in the last quarter. SouthState Bank Corp purchased a new position in Prosperity Bancshares during the fourth quarter valued at approximately $49,000. Osaic Holdings Inc. lifted its holdings in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after acquiring an additional 186 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Prosperity Bancshares in the second quarter valued at approximately $54,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.