Prosperity Bancshares, Inc. to Post FY2024 Earnings of $5.01 Per Share, Zacks Research Forecasts (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Zacks Research cut their FY2024 earnings per share (EPS) estimates for Prosperity Bancshares in a research note issued to investors on Monday, October 14th. Zacks Research analyst R. Department now expects that the bank will earn $5.01 per share 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) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the prior year, the business posted $1.21 earnings per share.

PB has been the subject of several other research reports. Barclays increased their target price on Prosperity Bancshares from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Wedbush raised shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and raised their target price for the company from $75.00 to $90.00 in a report on Tuesday, September 24th. Hovde Group upped their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.27.

Prosperity Bancshares Trading Up 1.7 %

NYSE:PB opened at $74.14 on Wednesday. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $74.91. The stock has a 50-day moving average price of $71.71 and a 200 day moving average price of $66.14. The stock has a market capitalization of $7.11 billion, a P/E ratio of 17.11, a P/E/G ratio of 1.49 and a beta of 0.89.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised 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 valued at $29,000 after acquiring an additional 177 shares in the last quarter. Retirement Systems of Alabama raised its holdings in shares of Prosperity Bancshares by 0.3% in the first quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock valued at $7,742,000 after acquiring an additional 319 shares in the last quarter. Inspire Investing LLC raised its holdings in Prosperity Bancshares by 6.1% in the second quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock worth $351,000 after purchasing an additional 328 shares in the last quarter. Fifth Third Bancorp raised its holdings in Prosperity Bancshares by 47.6% in the second quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after purchasing an additional 332 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Prosperity Bancshares by 10.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock worth $261,000 after purchasing an additional 355 shares in the last quarter. 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.