Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) – Investment analysts at Wedbush boosted their Q2 2022 earnings per share estimates for shares of Prosperity Bancshares in a research note issued on Thursday, April 28th. Wedbush analyst P. Winter now expects that the bank will post earnings of $1.38 per share for the quarter, up from their previous forecast of $1.34. Wedbush also issued estimates for Prosperity Bancshares’ Q3 2022 earnings at $1.46 EPS, FY2022 earnings at $5.67 EPS, Q1 2023 earnings at $1.47 EPS and Q2 2023 earnings at $1.52 EPS.
A number of other research analysts have also recently issued reports on PB. Wolfe Research cut Prosperity Bancshares from a “peer perform” rating to an “underperform” rating and reduced their price objective for the company from $78.00 to $69.00 in a research note on Thursday, April 7th. StockNews.com started coverage on Prosperity Bancshares in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $78.75.
Prosperity Bancshares (NYSE:PB – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The bank reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.02. Prosperity Bancshares had a return on equity of 7.95% and a net margin of 43.64%. During the same period in the prior year, the firm earned $1.44 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 14th. This represents a $2.08 annualized dividend and a dividend yield of 3.18%. Prosperity Bancshares’s payout ratio is 37.75%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. North Star Asset Management Inc. raised its holdings in Prosperity Bancshares by 6.9% in the 1st quarter. North Star Asset Management Inc. now owns 131,656 shares of the bank’s stock worth $9,135,000 after acquiring an additional 8,495 shares during the last quarter. Institute for Wealth Management LLC. purchased a new position in Prosperity Bancshares in the 1st quarter worth approximately $415,000. Belpointe Asset Management LLC purchased a new position in Prosperity Bancshares in the 1st quarter worth approximately $113,000. GHP Investment Advisors Inc. raised its stake in Prosperity Bancshares by 2.8% during the 1st quarter. GHP Investment Advisors Inc. now owns 17,127 shares of the bank’s stock valued at $1,188,000 after buying an additional 459 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in Prosperity Bancshares by 72.2% during the 1st quarter. Parallel Advisors LLC now owns 911 shares of the bank’s stock valued at $64,000 after buying an additional 382 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.
About Prosperity Bancshares (Get Rating)
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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
- Get a free copy of the StockNews.com research report on Prosperity Bancshares (PB)
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