Analysts Offer Predictions for Prosperity Bancshares, Inc.’s Q2 2024 Earnings (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Prosperity Bancshares in a research note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter forecasts 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.

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

Prosperity Bancshares Stock Down 1.0 %

Shares of NYSE PB opened at $60.55 on Monday. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $68.88. The business has a fifty day simple moving average of $61.51 and a two-hundred day simple moving average of $63.06. The firm has a market cap of $5.81 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.31 and a beta of 0.90.

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

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in PB. Hsbc Holdings PLC acquired a new position in Prosperity Bancshares during the third quarter worth $903,000. Stifel Financial Corp boosted its position in shares of Prosperity Bancshares by 1.4% during the 3rd quarter. Stifel Financial Corp now owns 83,649 shares of the bank’s stock valued at $4,566,000 after acquiring an additional 1,146 shares during the last quarter. Natixis Advisors L.P. grew its holdings in shares of Prosperity Bancshares by 64.1% in the third quarter. Natixis Advisors L.P. now owns 44,415 shares of the bank’s stock valued at $2,424,000 after purchasing an additional 17,351 shares during the period. Treasurer of the State of North Carolina increased its position in Prosperity Bancshares by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock worth $2,088,000 after purchasing an additional 200 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 13.3% in the 3rd quarter. AQR Capital Management LLC now owns 195,289 shares of the bank’s stock valued at $10,659,000 after purchasing an additional 22,856 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Friday, June 14th. Prosperity Bancshares’s payout ratio is 51.61%.

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.