Wedbush Brokers Decrease Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PBFree Report) – Stock analysts at Wedbush reduced their Q4 2024 EPS estimates for Prosperity Bancshares in a research report issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $1.33 per share for the quarter, down from their prior estimate of $1.34. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.06 per share.

Prosperity Bancshares (NYSE:PBGet Free Report) last issued its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The firm had revenue of $413.00 million during the quarter, compared to the consensus estimate of $279.34 million. During the same quarter in the previous year, the firm posted $1.51 earnings per share.

Several other research firms also recently issued reports on PB. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective for the company in a research note on Wednesday, February 7th. Truist Financial upped their price objective on shares of Prosperity Bancshares from $61.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, December 15th. UBS Group upped their target price on shares of Prosperity Bancshares from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, December 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. Finally, Barclays assumed coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.79.

Get Our Latest Analysis on Prosperity Bancshares

Prosperity Bancshares Price Performance

NYSE PB opened at $65.78 on Thursday. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88. The company has a market capitalization of $6.15 billion, a PE ratio of 14.52, a P/E/G ratio of 1.24 and a beta of 0.93. The company has a fifty day moving average of $63.33 and a two-hundred day moving average of $60.57.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.24 annualized dividend and a yield of 3.41%. Prosperity Bancshares’s dividend payout ratio is currently 49.45%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. State of Wyoming increased its holdings in Prosperity Bancshares by 25.1% in the second quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after buying an additional 179 shares in the last quarter. Advisor Group Holdings Inc. grew its position in shares of Prosperity Bancshares by 3.1% in the first quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock valued at $411,000 after purchasing an additional 181 shares during the last quarter. Spire Wealth Management grew its position in shares of Prosperity Bancshares by 17.7% in the third 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 last quarter. Treasurer of the State of North Carolina grew its position 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 purchasing an additional 200 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Prosperity Bancshares by 1.8% in the fourth quarter. Cetera Investment Advisers now owns 13,229 shares of the bank’s stock valued at $961,000 after purchasing an additional 229 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

(Get Free Report)

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.

See Also

Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

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