Zacks Research Has Optimistic Outlook of PB FY2024 Earnings

Prosperity Bancshares, Inc. (NYSE:PB) – Analysts at Zacks Research upped their FY2024 earnings estimates for shares of Prosperity Bancshares in a report issued on Wednesday, November 13th. Zacks Research analyst R. Department now expects that the bank will post earnings per share of $5.04 for the year, up from their previous forecast of $5.01. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.05 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q1 2025 earnings at $1.33 EPS, Q2 2025 earnings at $1.40 EPS, Q3 2025 earnings at $1.47 EPS, Q4 2025 earnings at $1.48 EPS, FY2025 earnings at $5.69 EPS and Q3 2026 earnings at $1.66 EPS.

Several other equities research analysts have also issued reports on the stock. Compass Point boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Barclays upped their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Piper Sandler raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Trading Down 0.7 %

PB opened at $81.80 on Monday. The stock’s 50 day simple moving average is $74.18 and its 200-day simple moving average is $68.67. The stock has a market cap of $7.79 billion, a PE ratio of 17.37, a P/E/G ratio of 1.23 and a beta of 0.89. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $85.13.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued 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 2.84%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 47.56%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. grew its stake in shares of Prosperity Bancshares by 31.0% during the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock worth $71,000 after purchasing an additional 232 shares during the period. Geode Capital Management LLC boosted its holdings in Prosperity Bancshares by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after buying an additional 15,309 shares during the last quarter. M&T Bank Corp grew its position in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after buying an additional 149 shares during the period. Hodges Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. Hodges Capital Management Inc. now owns 140,329 shares of the bank’s stock valued at $10,114,000 after acquiring an additional 4,648 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $211,000. Institutional investors own 80.69% of the company’s stock.

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.