Prosperity Bancshares, Inc. (NYSE:PB) Expected to Earn FY2024 Earnings of $5.01 Per Share

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

A number of other research analysts have also recently commented on the stock. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Barclays raised their target price on Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Royal Bank of Canada lifted their target price on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Finally, StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. One equities 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.27.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $72.93 on Wednesday. The company has a market cap of $7.00 billion, a P/E ratio of 16.80, a PEG ratio of 1.49 and a beta of 0.89. Prosperity Bancshares has a one year low of $49.60 and a one year high of $74.87. The business’s 50-day simple moving average is $71.66 and its 200 day simple moving average is $66.09.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of PB. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 59.6% during the 2nd 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 position in Prosperity Bancshares by 533.3% in 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 period. Quest Partners LLC lifted its stake in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Prosperity Bancshares during the second quarter valued at $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd 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.