Q4 EPS Forecast for Prosperity Bancshares Lifted by Analyst

Prosperity Bancshares, Inc. (NYSE:PB - Free Report) - DA Davidson boosted their Q4 2024 EPS estimates for shares of Prosperity Bancshares in a research report issued on Thursday, December 19th. DA Davidson analyst P. Winter now forecasts that the bank will post earnings per share of $1.34 for the quarter, up from their previous estimate of $1.33. DA Davidson currently has a "Neutral" rating and a $78.00 target price on the stock. The consensus estimate for Prosperity Bancshares' current full-year earnings is $5.05 per share. DA Davidson also issued estimates for Prosperity Bancshares' FY2025 earnings at $5.79 EPS.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analysts' expectations of $299.83 million. During the same quarter in the prior year, the firm posted $1.20 earnings per share.

Other research analysts have also recently issued reports about the stock. Barclays upped their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Friday. Raymond James lowered shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Wolfe Research reiterated a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Hovde Group lifted 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. Finally, Truist Financial downgraded Prosperity Bancshares from a "buy" rating to a "hold" rating and dropped their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $82.05.

Prosperity Bancshares Stock Performance

PB stock traded up $0.84 during midday trading on Friday, reaching $74.95. The company's stock had a trading volume of 1,313,926 shares, compared to its average volume of 564,852. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The firm has a market capitalization of $7.14 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.19 and a beta of 0.92. The stock has a fifty day simple moving average of $78.69 and a two-hundred day simple moving average of $71.55.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP grew its position in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC lifted its holdings in Prosperity Bancshares by 3,147.1% in 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. Strategic Financial Concepts LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth $43,000. Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth $46,000. Finally, GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank's stock valued at $51,000 after buying an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of the company's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the sale, the director now owns 107,137 shares in the company, valued at approximately $8,578,459.59. This represents a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now directly owns 114,315 shares of the company's stock, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,100 shares of company stock worth $1,004,719. 4.28% of the stock is owned by corporate insiders.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's payout ratio is currently 49.26%.

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.