Prosperity Bancshares, Inc. (NYSE:PB) Expected to Earn FY2024 Earnings of $5.01 Per Share

Prosperity Bancshares, Inc. (NYSE:PB) – DA Davidson reduced 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 post earnings of $5.01 per share for the year, down from their previous forecast 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.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million for the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period in the prior year, the business earned $1.37 earnings per share.

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

Prosperity Bancshares Stock Down 0.9 %

PB stock opened at $63.55 on Friday. The business has a fifty day moving average of $62.58 and a 200-day moving average of $61.64. The company has a market cap of $5.94 billion, a P/E ratio of 14.64, a PEG ratio of 1.31 and a beta of 0.93. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $68.88.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.52%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s payout ratio is presently 51.61%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. New York State Teachers Retirement System increased its position in Prosperity Bancshares by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after purchasing an additional 300 shares in the last quarter. Albert D Mason Inc. grew its stake in shares of Prosperity Bancshares by 1.3% during the first quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock worth $1,276,000 after buying an additional 252 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Prosperity Bancshares by 2.7% during the first quarter. Louisiana State Employees Retirement System now owns 27,000 shares of the bank’s stock worth $1,776,000 after buying an additional 700 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Prosperity Bancshares by 2.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 54,266 shares of the bank’s stock valued at $3,570,000 after acquiring an additional 1,259 shares during the last quarter. Finally, State of Michigan Retirement System boosted its holdings in shares of Prosperity Bancshares by 2.2% during the 1st quarter. State of Michigan Retirement System now owns 22,997 shares of the bank’s stock valued at $1,513,000 after acquiring an additional 500 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.