Wedbush Raises Earnings Estimates for Prosperity Bancshares

Prosperity Bancshares, Inc. (NYSE:PB) – Investment analysts at Wedbush increased their FY2024 earnings per share (EPS) estimates for Prosperity Bancshares in a report released on Wednesday, October 23rd. Wedbush analyst D. Chiaverini now anticipates that the bank will earn $5.10 per share for the year, up from their previous forecast of $5.05. 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 $5.05 per share. Wedbush also issued estimates for Prosperity Bancshares’ Q4 2024 earnings at $1.37 EPS and Q1 2025 earnings at $1.35 EPS.

PB has been the subject of a number of other reports. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Barclays increased their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Piper Sandler raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $74.10 on Monday. The company’s 50-day moving average price is $72.25 and its two-hundred day moving average price is $66.79. The stock has a market capitalization of $7.06 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.08 and a beta of 0.89. Prosperity Bancshares has a one year low of $53.67 and a one year high of $75.28.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the business earned $1.20 EPS.

Prosperity Bancshares Increases Dividend

The company also recently announced 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 is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.13%. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Prosperity Bancshares by 16.5% during the third quarter. Nisa Investment Advisors LLC now owns 14,804 shares of the bank’s stock worth $1,075,000 after purchasing an additional 2,100 shares during the period. First Financial Bankshares Inc raised its position in shares of Prosperity Bancshares by 16.8% in the third quarter. First Financial Bankshares Inc now owns 14,554 shares of the bank’s stock valued at $1,049,000 after buying an additional 2,096 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Prosperity Bancshares by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 11,182 shares of the bank’s stock valued at $805,000 after buying an additional 750 shares during the period. Finally, Financial Management Professionals Inc. boosted its stake in shares of Prosperity Bancshares by 32.4% in the third quarter. Financial Management Professionals Inc. now owns 1,722 shares of the bank’s stock valued at $124,000 after buying an additional 421 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.