Prosperity Bancshares, Inc. Expected to Earn Q2 2024 Earnings of $1.24 Per Share (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Research analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Prosperity Bancshares in a note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter anticipates that the bank will post earnings of $1.24 per share for the quarter. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $4.99 per share. DA Davidson also issued estimates for Prosperity Bancshares’ FY2025 earnings at $5.81 EPS.

Several other research analysts have also recently issued reports on the stock. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Truist Financial restated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st. Barclays began coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price on the stock. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $68.86.

Prosperity Bancshares Stock Up 1.0 %

Shares of Prosperity Bancshares stock opened at $61.20 on Monday. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $68.88. The firm’s 50 day moving average is $61.48 and its two-hundred day moving average is $63.02. The firm has a market capitalization of $5.87 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.31 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The company had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. During the same period in the previous year, the business earned $1.37 EPS.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend was Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently bought and sold shares of PB. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares in the last quarter. Abich Financial Wealth Management LLC boosted its holdings in Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after purchasing an additional 746 shares in the last quarter. Westwood Holdings Group Inc. increased its position in Prosperity Bancshares by 68.2% during the 1st quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock worth $442,000 after purchasing an additional 2,726 shares during the period. Interval Partners LP raised its stake in shares of Prosperity Bancshares by 2.5% during the 1st quarter. Interval Partners LP now owns 118,368 shares of the bank’s stock worth $7,786,000 after buying an additional 2,833 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Prosperity Bancshares by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after buying an additional 2,706 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.