DA Davidson Comments on Prosperity Bancshares, Inc.’s Q2 2024 Earnings (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Stock analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Prosperity Bancshares in a report released on Thursday, June 27th. DA Davidson analyst P. Winter forecasts that the bank will post earnings of $1.24 per share for the quarter. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $4.99 per share. DA Davidson also issued estimates for Prosperity Bancshares’ FY2025 earnings at $5.81 EPS.

PB has been the subject of several other reports. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Truist Financial reissued a “buy” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research note on Monday, April 1st. Finally, Barclays began coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.86.

Prosperity Bancshares Price Performance

PB opened at $61.14 on Monday. Prosperity Bancshares has a 12 month low of $49.60 and a 12 month high of $68.88. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.31 and a beta of 0.90. The business has a fifty day moving average price of $61.54 and a 200 day moving average price of $63.11.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The firm had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. During the same period in the previous year, the firm posted $1.37 EPS.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.66%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds have recently modified their holdings of the business. Planned Solutions Inc. purchased a new position in Prosperity Bancshares in the 4th quarter valued at $37,000. GAMMA Investing LLC purchased a new position in Prosperity Bancshares in the 4th quarter valued at $38,000. Parallel Advisors LLC grew its position in Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after buying an additional 652 shares during the last quarter. Abich Financial Wealth Management LLC grew its position in Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after buying an additional 746 shares during the last quarter. Finally, Signaturefd LLC grew its position in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after buying an additional 470 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

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.