Wedbush Lifts Earnings Estimates for Prosperity Bancshares

Prosperity Bancshares, Inc. (NYSE:PB) – Stock analysts at Wedbush upped their FY2024 EPS estimates for shares of Prosperity Bancshares in a report issued on Wednesday, October 23rd. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings per share of $5.10 for the year, up from their prior estimate of $5.05. Wedbush currently has a “Outperform” rating and a $90.00 target price on the stock. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.05 per share. Wedbush also issued estimates for Prosperity Bancshares’ Q4 2024 earnings at $1.37 EPS and Q1 2025 earnings at $1.35 EPS.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the business posted $1.20 earnings per share.

A number of other brokerages have also commented on PB. Barclays upped their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Trading Down 1.1 %

Shares of NYSE PB opened at $73.25 on Monday. The firm has a market cap of $6.98 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 1.08 and a beta of 0.89. The business’s 50 day moving average is $72.25 and its 200-day moving average is $66.79. Prosperity Bancshares has a 1-year low of $53.67 and a 1-year high of $75.28.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Victory Capital Management Inc. raised its position in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Amarillo National Bank bought a new position in Prosperity Bancshares during the 2nd quarter worth $8,520,000. Thrivent Financial for Lutherans lifted its holdings in Prosperity Bancshares by 16.0% during the 2nd 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 period. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of Prosperity Bancshares by 14.8% in 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 buying an additional 101,230 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.17%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

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.