FY2024 EPS Estimates for Prosperity Bancshares, Inc. (NYSE:PB) Reduced by Analyst

Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at DA Davidson decreased their FY2024 EPS estimates for shares of Prosperity Bancshares in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the bank will post earnings of $5.02 per share for the year, down from their previous estimate of $5.04. DA Davidson currently has a “Buy” rating and a $82.00 target price 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.

PB has been the topic of a number of other research reports. Compass Point upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Wedbush raised Prosperity Bancshares from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Hovde Group upped their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $77.58.

Prosperity Bancshares Trading Up 1.2 %

Shares of Prosperity Bancshares stock opened at $70.91 on Friday. The firm’s 50 day simple moving average is $71.68 and its two-hundred day simple moving average is $65.64. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.46 and a beta of 0.90. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.87.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to the consensus estimate 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 prior year, the company posted $1.21 earnings per share.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $409,000. PNC Financial Services Group Inc. increased its stake in shares of Prosperity Bancshares by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock worth $261,000 after acquiring an additional 355 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after acquiring an additional 652 shares during the period. Stifel Financial Corp boosted its position in shares of Prosperity Bancshares by 3.2% during the 4th quarter. Stifel Financial Corp now owns 86,331 shares of the bank’s stock valued at $5,847,000 after acquiring an additional 2,682 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in shares of Prosperity Bancshares by 4.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 39,861 shares of the bank’s stock valued at $2,700,000 after buying an additional 1,611 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Dividend Announcement

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