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

Prosperity Bancshares, Inc. (NYSE:PB) – Wedbush cut their Q3 2024 earnings per share estimates for shares of Prosperity Bancshares in a report issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings per share of $1.29 for the quarter, down from their previous 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 posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the prior year, the business earned $1.21 earnings per share.

PB has been the subject of several other research reports. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Finally, Barclays boosted their price objective on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.58.

Prosperity Bancshares Stock Down 0.9 %

Shares of Prosperity Bancshares stock opened at $70.80 on Thursday. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week 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 company has a market cap of $6.79 billion, a P/E ratio of 16.31, a PEG ratio of 1.49 and a beta of 0.90.

Institutional Trading of Prosperity Bancshares

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in 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. New York State Teachers Retirement System lifted its position in Prosperity Bancshares by 0.3% during the first quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after buying an additional 300 shares in the last quarter. Retirement Systems of Alabama boosted its stake in Prosperity Bancshares by 0.3% during the first quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after buying an additional 319 shares during the last quarter. Inspire Investing LLC grew its holdings in Prosperity Bancshares by 6.1% in the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock valued at $351,000 after buying an additional 328 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after acquiring an additional 332 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Dividend Announcement

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

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.