Prosperity Bancshares, Inc. (NYSE: PB – Get a rating) – Wedbush equity analysts released their first quarter 2024 earnings per share estimates for Prosperity Bancshares in a research report delivered to clients and investors on Wednesday, September 28. Wedbush analyst D. Chiaverini expects the bank to earn $1.54 per share for the quarter. Wedbush has a “Neutral” rating and a price target of $70.00 on the stock. Prosperity Bancshares’ current annual earnings consensus estimate is $5.77 per share. Wedbush also released estimates of Prosperity Bancshares Q2 2024 earnings at $1.57 EPS and full-year 2024 earnings at $6.30 EPS.
A number of other research analysts have also recently published reports on the company. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a Wednesday, August 3, research note. Truist Financial cut its price target on Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating for the company in a Wednesday June 15 research note. Finally, Piper Sandler lowered her price target on Prosperity Bancshares to $78.00 in a Monday July 4 research report. One research analyst rated the stock with a sell rating, four issued a hold rating and one issued a buy rating for the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $75.80.
Price performance of Prosperity Bancshares
NYSE:PB shares opened at $66.82 on Friday. The company has a market capitalization of $6.16 billion, a PE ratio of 12.15, a growth price-earnings ratio of 1.17 and a beta of 1.04. The company has a fifty-day moving average price of $72.26 and a two-hundred-day moving average price of $70.17. Prosperity Bancshares has a 1-year low of $64.69 and a 1-year high of $80.46.
Prosperity Bancshares (NYSE: PB – Get a rating) last reported quarterly earnings data on Wednesday, July 27. The bank reported earnings per share (EPS) of $1.40 for the quarter, beating consensus analyst estimates of $1.38 by $0.02. The company posted revenue of $286.10 million in the quarter, versus a consensus estimate of $285.39 million. Prosperity Bancshares had a return on equity of 7.85% and a net margin of 43.50%. The company’s revenue for the quarter increased 1.8% year over year. In the same quarter of the previous year, the company achieved EPS of $1.41.
Prosperity Bancshares Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3. Shareholders of record on Thursday, September 15 will receive a dividend of $0.52 per share. The ex-dividend date is Wednesday, September 14. This represents a dividend of $2.08 on an annualized basis and a dividend yield of 3.11%. Prosperity Bancshares’ dividend payout ratio is currently 37.82%.
Institutional entries and exits
Institutional investors have recently changed their positions in the company. Victory Capital Management Inc. increased its stake in Prosperity Bancshares by 25.5% during the second quarter. Victory Capital Management Inc. now owns 4,856,706 shares of the bank worth $331,567,000 after purchasing an additional 985,739 shares last quarter. American Century Companies Inc. increased its stake in Prosperity Bancshares by 43.0% in the 1st quarter. American Century Companies Inc. now owns 3,098,134 shares of the bank worth $214,949,000 after purchasing an additional 931,585 shares last quarter. State Street Corp increased its stake in Prosperity Bancshares by 13.0% in the first quarter. State Street Corp now owns 7,714,622 shares of the bank worth $539,069,000 after buying an additional 890,236 shares last quarter. Millennium Management LLC increased its stake in Prosperity Bancshares by 1,261.7% during the 4th quarter. Millennium Management LLC now owns 575,661 shares of the bank worth $41,620,000 after purchasing an additional 533,386 shares last quarter. Finally, Northern Trust Corp increased its stake in Prosperity Bancshares by 66.0% during the second quarter. Northern Trust Corp now owns 1,181,778 shares of the bank worth $80,680,000 after buying an additional 469,994 shares last quarter. Hedge funds and other institutional investors own 81.50% of the company’s shares.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The Company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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