DA Davidson Has Bullish Outlook for PB FY2024 Earnings

Prosperity Bancshares, Inc. (NYSE:PB - Free Report) - Investment analysts at DA Davidson lifted their FY2024 earnings per share estimates for Prosperity Bancshares in a research report issued on Thursday, October 24th. DA Davidson analyst P. Winter now expects that the bank will post earnings per share of $5.06 for the year, up from their prior estimate of $5.02. 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' Q4 2024 earnings at $1.33 EPS and FY2025 earnings at $5.72 EPS.

Several other research analysts have also recently weighed in on PB. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday. Hovde Group boosted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a report on Monday, August 26th. Piper Sandler raised their target price 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. Raymond James cut Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Finally, StockNews.com lowered Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.96.

Prosperity Bancshares Stock Up 2.5 %

NYSE PB traded up $1.84 on Monday, reaching $74.10. 475,126 shares of the stock traded hands, compared to its average volume of 571,895. Prosperity Bancshares has a 12 month low of $53.67 and a 12 month high of $75.28. The firm's fifty day simple moving average is $72.25 and its 200 day simple moving average is $66.79. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 15.73, a P/E/G ratio of 1.08 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data 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 net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter last year, the business earned $1.20 earnings per share.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.13%. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's dividend payout ratio is currently 47.56%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in 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 acquiring an additional 177 shares in the last quarter. Quarry LP increased its position in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC increased its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after buying an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC raised its holdings in Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank's stock valued at $49,000 after buying an additional 746 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter worth about $46,000. 80.69% of the stock is currently 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.