FY2024 Earnings Forecast for Prosperity Bancshares, Inc. Issued By Zacks Research (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB - Free Report) - Analysts at Zacks Research decreased their FY2024 EPS estimates for Prosperity Bancshares in a research note issued on Monday, October 14th. Zacks Research analyst R. Department now expects that the bank will post earnings per share of $5.01 for the year, down from their prior estimate of $5.02. The consensus estimate for Prosperity Bancshares' current full-year earnings is $5.03 per share. Zacks Research also issued estimates for Prosperity Bancshares' Q1 2025 earnings at $1.30 EPS and Q1 2026 earnings at $1.54 EPS.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. During the same quarter in the previous year, the business posted $1.21 EPS.

Several other research firms have also commented on PB. Barclays increased 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 note on Friday, September 27th. Stephens upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating in a report on Wednesday, June 26th. Wedbush upgraded Prosperity Bancshares from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $75.00 to $90.00 in a research note on Tuesday, September 24th. Compass Point lifted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Finally, DA Davidson lowered shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and reduced their price target for the company from $80.00 to $78.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.27.

Prosperity Bancshares Trading Up 1.7 %

Shares of PB traded up $1.21 during trading hours on Wednesday, reaching $74.14. 612,173 shares of the stock traded hands, compared to its average volume of 565,315. Prosperity Bancshares has a 52 week low of $49.60 and a 52 week high of $74.91. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 1.49 and a beta of 0.89. The stock has a fifty day simple moving average of $71.71 and a 200 day simple moving average of $66.14.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after purchasing an additional 177 shares during the period. Quarry LP increased its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC raised its holdings 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 acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares during the second quarter worth about $46,000. 80.69% of the stock is currently owned by institutional investors.

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.