Prosperity Bancshares (NYSE:PB) declared that its Board of Directors has approved a stock buyback program, which allows the company to buyback 3,470,000 shares on Friday, January 19th, EventVestor reports. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Shares of Prosperity Bancshares (NYSE PB) opened at $75.65 on Friday. The stock has a market capitalization of $5,260.00, a price-to-earnings ratio of 19.20, a P/E/G ratio of 1.59 and a beta of 1.37. Prosperity Bancshares has a one year low of $55.84 and a one year high of $77.87.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.02. The firm had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same period in the previous year, the firm earned $0.99 EPS. equities analysts forecast that Prosperity Bancshares will post 3.95 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.90%. Prosperity Bancshares’s payout ratio is currently 36.55%.

PB has been the subject of several recent research reports. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. SunTrust Banks restated a “buy” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Wednesday, November 29th. Barclays boosted their price target on Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $73.27.

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Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.

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