Wedbush Equities Analysts Cut Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Research analysts at Wedbush dropped their Q3 2024 earnings per share estimates for Prosperity Bancshares in a research report issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $1.29 per share for the quarter, down from their previous estimate of $1.32. Wedbush currently has a “Outperform” rating and a $90.00 target price on the stock. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.06 per share. Wedbush also issued estimates for Prosperity Bancshares’ Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.05 EPS, Q1 2025 earnings at $1.34 EPS, Q3 2025 earnings at $1.52 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.85 EPS.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the prior year, the company posted $1.21 earnings per share.

A number of other equities analysts have also recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Compass Point boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Hovde Group raised their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Finally, DA Davidson increased their price target on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.04.

Prosperity Bancshares Stock Performance

Shares of PB opened at $71.41 on Thursday. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $74.87. The business’s 50 day moving average price is $71.62 and its two-hundred day moving average price is $65.33. The firm has a market cap of $6.80 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently bought and sold shares of PB. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares in the last quarter. Quarry LP increased its stake in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC increased its stake in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares in the last quarter. Parallel Advisors LLC raised its holdings in Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after buying an additional 652 shares during the last quarter. Finally, Mather Group LLC. bought a new position in shares of Prosperity Bancshares in the first quarter worth approximately $50,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s payout ratio is 51.61%.

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.