Prosperity Bancshares, Inc. Forecasted to Post Q3 2024 Earnings of $1.29 Per Share (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PBFree Report) – Zacks Research increased their Q3 2024 earnings estimates for Prosperity Bancshares in a report issued on Monday, October 14th. Zacks Research analyst R. Department now forecasts that the bank will post earnings of $1.29 per share for the quarter, up from their previous estimate of $1.28. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.03 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q2 2025 earnings at $1.39 EPS, Q3 2025 earnings at $1.43 EPS, Q4 2025 earnings at $1.47 EPS, FY2025 earnings at $5.59 EPS, Q2 2026 earnings at $1.64 EPS, Q3 2026 earnings at $1.64 EPS and FY2026 earnings at $6.53 EPS.

Prosperity Bancshares (NYSE:PBGet Free Report) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same period in the previous year, the company posted $1.21 EPS.

Other research analysts have also issued research reports about the stock. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a research note on Tuesday. Piper Sandler increased their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Royal Bank of Canada lifted their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.27.

Read Our Latest Stock Report on Prosperity Bancshares

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.93 on Tuesday. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.87. The business has a 50-day moving average of $71.66 and a 200-day moving average of $66.09. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.49 and a beta of 0.89.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the last quarter. Quarry LP raised its stake in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC grew its stake in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth about $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at about $46,000. 80.69% of the stock is currently owned by institutional investors.

About Prosperity Bancshares

(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.

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

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