Prosperity Bancshares, Inc. Expected to Earn Q4 2024 Earnings of $1.33 Per Share (NYSE:PB)

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

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

Other research analysts have also issued reports about the company. Raymond James increased their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. Barclays began coverage on Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Citigroup initiated coverage on Prosperity Bancshares in a research note on Friday, December 1st. They issued a “buy” rating and a $68.00 target price for the company. Truist Financial boosted their target price on shares of Prosperity Bancshares from $61.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 15th. Finally, UBS Group raised their price target on Prosperity Bancshares from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Trading Up 3.6 %

NYSE PB opened at $65.06 on Thursday. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $68.88. The stock’s 50 day moving average is $63.30 and its two-hundred day moving average is $60.53. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.24 and a beta of 0.93.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Prosperity Bancshares by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock valued at $656,512,000 after purchasing an additional 53,844 shares in the last quarter. State Street Corp raised its stake in Prosperity Bancshares by 11.5% during the 2nd quarter. State Street Corp now owns 8,888,314 shares of the bank’s stock worth $506,826,000 after buying an additional 917,381 shares during the period. BlackRock Inc. boosted its holdings in Prosperity Bancshares by 3.5% in the first quarter. BlackRock Inc. now owns 8,642,426 shares of the bank’s stock worth $531,682,000 after acquiring an additional 290,029 shares in the last quarter. Victory Capital Management Inc. grew its stake in Prosperity Bancshares by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock valued at $401,551,000 after acquiring an additional 136,764 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Prosperity Bancshares by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after acquiring an additional 187,472 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a dividend of $0.56 per share. The ex-dividend date is Thursday, March 14th. This represents a $2.24 annualized dividend and a yield of 3.44%. Prosperity Bancshares’s dividend payout ratio is currently 49.45%.

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.