What is DA Davidson’s Estimate for PB FY2024 Earnings?

Prosperity Bancshares, Inc. (NYSE:PB) – Analysts at DA Davidson boosted their FY2024 earnings estimates for Prosperity Bancshares in a research report issued to clients and investors on Thursday, October 24th. DA Davidson analyst P. Winter now expects that the bank will earn $5.06 per share for the year, up from their previous forecast of $5.02. DA Davidson has a “Neutral” rating and a $78.00 price objective on the stock. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.03 per share. DA Davidson also issued estimates for Prosperity Bancshares’ Q4 2024 earnings at $1.33 EPS and FY2025 earnings at $5.72 EPS.

Several other research firms also recently issued reports on PB. Barclays upped their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday. Raymond James cut 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 report on Tuesday, September 17th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Finally, Piper Sandler lifted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Stock Down 1.7 %

Shares of Prosperity Bancshares stock opened at $72.26 on Monday. Prosperity Bancshares has a 12-month low of $52.49 and a 12-month high of $75.28. The stock has a 50 day moving average price of $72.21 and a two-hundred day moving average price of $66.70. The stock has a market capitalization of $6.93 billion, a P/E ratio of 16.65, a PEG ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the prior year, the firm posted $1.20 EPS.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC acquired a new position in Prosperity Bancshares during the first quarter worth $2,343,000. Amica Mutual Insurance Co. increased its position in shares of Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after purchasing an additional 101,230 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in Prosperity Bancshares by 394.8% in the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after buying an additional 9,148 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.21%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 53.46%.

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.