Zacks Research Has Negative Forecast for PB FY2024 Earnings

Prosperity Bancshares, Inc. (NYSE:PB) – Zacks Research lowered their FY2024 earnings estimates for Prosperity Bancshares in a research note issued on Monday, October 14th. Zacks Research analyst R. Department now anticipates that the bank will post earnings per share of $5.01 for the year, down from their prior forecast of $5.02. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.03 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q1 2025 earnings at $1.30 EPS and Q1 2026 earnings at $1.54 EPS.

A number of other research analysts have also recently weighed in on the stock. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Royal Bank of Canada raised 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 note on Thursday, July 25th. Barclays raised their price objective on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Compass Point lifted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $80.00 to $78.00 in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $77.27.

Prosperity Bancshares Trading Up 0.8 %

PB stock opened at $74.73 on Wednesday. The firm has a 50 day moving average of $71.81 and a 200-day moving average of $66.20. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.96. The company has a market cap of $7.17 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 1.49 and a beta of 0.89.

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

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.10%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in PB. Goldman Sachs Group Inc. lifted its holdings in Prosperity Bancshares by 11.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock worth $59,923,000 after buying an additional 89,617 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 0.6% in the 4th 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. PNC Financial Services Group Inc. raised its stake in shares of Prosperity Bancshares by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock valued at $261,000 after purchasing an additional 355 shares in the last quarter. CWM LLC raised its stake in shares of Prosperity Bancshares by 33.8% in the 1st quarter. CWM LLC now owns 6,496 shares of the bank’s stock valued at $427,000 after purchasing an additional 1,641 shares in the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares in the 1st quarter valued at about $50,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.