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

Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at DA Davidson decreased their FY2024 earnings per share (EPS) estimates for shares of Prosperity Bancshares in a note issued to investors on Thursday, April 25th. DA Davidson analyst P. Winter now anticipates that the bank will earn $5.01 per share for the year, down from their previous estimate of $5.02. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $4.96 per share. DA Davidson also issued estimates for Prosperity Bancshares’ FY2025 earnings at $5.75 EPS.

Several other equities research analysts have also recently commented on the stock. Raymond James lifted their price target on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. Barclays began coverage on Prosperity Bancshares in a research note on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective for the company. Truist Financial reissued a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research note on Monday, April 1st. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Price Performance

PB opened at $64.13 on Friday. The stock has a market capitalization of $6.00 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.31 and a beta of 0.93. The company’s 50 day simple moving average is $62.58 and its 200-day simple moving average is $61.64. Prosperity Bancshares has a one year low of $49.60 and a one year high of $68.88.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The firm had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same period last year, the firm posted $1.37 EPS.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently added to or reduced their stakes in the company. Spire Wealth Management boosted its holdings in Prosperity Bancshares by 17.7% in the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after purchasing an additional 194 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of Prosperity Bancshares by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock valued at $2,088,000 after buying an additional 200 shares during the period. Covestor Ltd grew its position in Prosperity Bancshares by 12.3% during the third quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after buying an additional 244 shares in the last quarter. Albert D Mason Inc. increased its stake in Prosperity Bancshares by 1.3% during the 1st quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock worth $1,276,000 after acquiring an additional 252 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in Prosperity Bancshares by 31.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock valued at $76,000 after acquiring an additional 270 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.49%. Prosperity Bancshares’s dividend 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.