DA Davidson Analysts Cut Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB - Free Report) - Analysts at DA Davidson decreased their FY2024 earnings estimates for shares of Prosperity Bancshares in a report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now expects that the bank will post earnings per share of $5.02 for the year, down from their previous estimate of $5.04. DA Davidson currently has a "Buy" rating and a $82.00 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 $5.66 EPS.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $290.06 million. During the same period last year, the company posted $1.21 earnings per share.

Several other analysts have also recently commented on PB. Wedbush upgraded shares of Prosperity Bancshares from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $75.00 to $90.00 in a report on Tuesday, September 24th. Barclays raised their price objective on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the company an "equal weight" rating in a research report on Friday, September 27th. Raymond James lowered shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Compass Point raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, July 26th. Finally, Piper Sandler raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $77.58.

Prosperity Bancshares Stock Performance

Shares of PB stock traded up $0.85 during trading on Friday, hitting $70.91. 328,475 shares of the company were exchanged, compared to its average volume of 569,904. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.46 and a beta of 0.90. The business's 50-day simple moving average is $71.68 and its 200 day simple moving average is $65.64. Prosperity Bancshares has a twelve month low of $49.60 and a twelve month high of $74.87.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of PB. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock valued at $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP boosted its stake in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC boosted its stake in shares of 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 shares of Prosperity Bancshares in the 2nd quarter valued at $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at $46,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.16%. Prosperity Bancshares's dividend payout ratio is currently 51.61%.

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.