Zacks Research Comments on Prosperity Bancshares, Inc.’s Q3 2024 Earnings (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Zacks Research lifted their Q3 2024 earnings per share (EPS) estimates for Prosperity Bancshares in a research report issued on Wednesday, August 14th. Zacks Research analyst R. Department now expects that the bank will post earnings per share of $1.28 for the quarter, up from their prior forecast of $1.24. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.06 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q4 2024 earnings at $1.33 EPS, FY2024 earnings at $5.02 EPS, Q1 2025 earnings at $1.33 EPS, Q1 2026 earnings at $1.66 EPS and FY2026 earnings at $7.11 EPS.

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

Other equities analysts have also issued research reports about the company. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday. DA Davidson boosted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Wedbush upped their price objective on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Truist Financial raised their target price on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Piper Sandler upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $74.81.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $71.21 on Friday. The firm has a 50-day moving average of $64.97 and a 200-day moving average of $63.45. Prosperity Bancshares has a 52-week low of $49.60 and a 52-week high of $74.05. The stock has a market cap of $6.83 billion, a PE ratio of 16.41, a PEG ratio of 1.44 and a beta of 0.91.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Prosperity Bancshares by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock valued at $656,512,000 after buying an additional 53,844 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after acquiring an additional 184,453 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares in the last quarter. Brown Advisory Inc. grew its stake in Prosperity Bancshares by 0.3% in the 4th quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after buying an additional 8,373 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Prosperity Bancshares by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after purchasing an additional 44,978 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 3.15%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

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.