Wedbush Analysts Lower Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at Wedbush dropped their Q4 2024 earnings estimates for Prosperity Bancshares in a research note issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings per share of $1.33 for the quarter, down from their prior forecast of $1.34. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.06 per share.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $413.00 million for the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same period in the prior year, the firm earned $1.51 EPS.

Other equities analysts have also issued research reports about the company. UBS Group increased their target price on Prosperity Bancshares from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, December 13th. Truist Financial raised their target price on shares of Prosperity Bancshares from $61.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, December 15th. Citigroup began coverage on Prosperity Bancshares in a research note on Friday, December 1st. They set a “buy” rating and a $68.00 price objective on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 25th. Finally, Barclays began coverage on shares of Prosperity Bancshares in a research note on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.79.

Prosperity Bancshares Price Performance

PB stock opened at $65.06 on Thursday. The company has a fifty day moving average price of $63.30 and a two-hundred day moving average price of $60.53. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.24 and a beta of 0.93. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Planned Solutions Inc. acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $37,000. GAMMA Investing LLC bought a new stake in Prosperity Bancshares in the 4th quarter valued at about $38,000. Covestor Ltd grew its stake in Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares during the period. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after purchasing an additional 470 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.44%. The ex-dividend date is Thursday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 49.45%.

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.