Q3 2024 EPS Estimates for Prosperity Bancshares, Inc. Decreased by Analyst (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Research analysts at Wedbush reduced their Q3 2024 earnings per share estimates for Prosperity Bancshares in a report released on Tuesday, September 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $1.29 per share for the quarter, down from their prior forecast of $1.32. Wedbush has a “Outperform” rating and a $90.00 price objective on the stock. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.06 per share. Wedbush also issued estimates for Prosperity Bancshares’ Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.05 EPS, Q1 2025 earnings at $1.34 EPS, Q3 2025 earnings at $1.52 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.85 EPS.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. During the same quarter last year, the firm posted $1.21 earnings per share.

A number of other research analysts have also recently commented on PB. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Hovde Group raised their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Royal Bank of Canada boosted their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $75.00 to $86.00 in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.80 on Thursday. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.87. The firm’s 50 day moving average price is $71.68 and its 200-day moving average price is $65.39. The firm has a market cap of $6.79 billion, a P/E ratio of 16.31, a P/E/G ratio of 1.49 and a beta of 0.90.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.16%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Prosperity Bancshares during the second quarter worth approximately $540,000. Quarry LP lifted its position in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Prosperity Bancshares by 135.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after acquiring an additional 6,022 shares during the last quarter. Silver Lake Advisory LLC acquired a new position in Prosperity Bancshares in the second quarter valued at $611,000. Finally, Algert Global LLC grew its holdings in shares of Prosperity Bancshares by 27.7% during the second quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock worth $2,654,000 after purchasing an additional 9,415 shares during the last quarter. 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.