DA Davidson Analysts Decrease Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Equities research analysts at DA Davidson decreased their FY2024 earnings per share estimates for Prosperity Bancshares in a note issued to investors on Thursday, October 3rd. DA Davidson analyst P. Winter now expects that the bank will post earnings per share of $5.02 for the year, down from their previous estimate of $5.04. DA Davidson has a “Buy” rating and a $82.00 price target on the stock. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.05 per share. DA Davidson also issued estimates for Prosperity Bancshares’ FY2025 earnings at $5.66 EPS.

A number of other analysts also recently weighed in on the company. Wedbush upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. Hovde Group boosted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $77.58.

Prosperity Bancshares Stock Up 1.2 %

Shares of PB stock opened at $70.91 on Friday. The business has a 50-day moving average price of $71.64 and a two-hundred day moving average price of $65.75. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.87. The firm has a market cap of $6.75 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 1.46 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the previous year, the company earned $1.21 EPS.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in PB. GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP grew its stake in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares in the 2nd quarter worth about $43,000. Finally, Headlands Technologies LLC bought a new position in Prosperity Bancshares in the 2nd quarter worth about $46,000. 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.