Equities Analysts Set Expectations for PB FY2024 Earnings

Prosperity Bancshares, Inc. (NYSE:PB) – Stock analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of Prosperity Bancshares in a research note issued to investors on Wednesday, November 13th. Zacks Research analyst R. Department now expects that the bank will post earnings per share of $5.04 for the year, up from their prior forecast of $5.01. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.05 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q1 2025 earnings at $1.33 EPS, Q2 2025 earnings at $1.40 EPS, Q3 2025 earnings at $1.47 EPS, Q4 2025 earnings at $1.48 EPS, FY2025 earnings at $5.69 EPS and Q3 2026 earnings at $1.66 EPS.

Several other brokerages also recently issued reports on PB. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Hovde Group boosted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Barclays increased their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $81.80 on Monday. The firm has a market cap of $7.79 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.23 and a beta of 0.89. The firm has a fifty day moving average of $74.18 and a two-hundred day moving average of $68.67. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $85.13.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same period in the previous year, the company posted $1.20 EPS.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.84%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is 47.56%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the transaction, the director now owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of large investors have recently bought and sold shares of the business. Sunbelt Securities Inc. grew its holdings in Prosperity Bancshares by 31.0% during the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after purchasing an additional 232 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Prosperity Bancshares by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after buying an additional 15,309 shares during the period. M&T Bank Corp grew its stake in Prosperity Bancshares by 0.3% in the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after buying an additional 149 shares during the last quarter. Hodges Capital Management Inc. raised its holdings in Prosperity Bancshares by 3.4% in the 3rd quarter. Hodges Capital Management Inc. now owns 140,329 shares of the bank’s stock worth $10,114,000 after acquiring an additional 4,648 shares during the period. Finally, XTX Topco Ltd acquired a new position in Prosperity Bancshares during the 3rd quarter worth $211,000. 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.