Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) – Analysts at Wedbush issued their Q1 2024 EPS estimates for Prosperity Bancshares in a note issued to investors on Wednesday, September 28th. Wedbush analyst D. Chiaverini anticipates that the bank will earn $1.54 per share for the quarter. Wedbush currently has a "Neutral" rating and a $70.00 target price on the stock. The consensus estimate for Prosperity Bancshares' current full-year earnings is $5.77 per share. Wedbush also issued estimates for Prosperity Bancshares' Q2 2024 earnings at $1.57 EPS and FY2024 earnings at $6.30 EPS.
Get Prosperity Bancshares alerts:Prosperity Bancshares (NYSE:PB – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.02. Prosperity Bancshares had a return on equity of 7.85% and a net margin of 43.50%. The business had revenue of $286.10 million during the quarter, compared to analysts' expectations of $285.39 million. During the same quarter last year, the business posted $1.41 EPS. The business's revenue was up 1.8% on a year-over-year basis.
Other research analysts have also issued reports about the stock. Truist Financial decreased their price objective on shares of Prosperity Bancshares from $78.00 to $77.00 and set a "buy" rating for the company in a report on Wednesday, June 15th. StockNews.com raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Wednesday, August 3rd. Finally, Piper Sandler reduced their target price on Prosperity Bancshares to $78.00 in a report on Monday, July 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $75.80.Prosperity Bancshares Stock Down 0.2 %
Shares of PB stock opened at $66.68 on Friday. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 1.17 and a beta of 1.04. The stock has a fifty day moving average of $72.19 and a 200 day moving average of $70.14. Prosperity Bancshares has a 52 week low of $64.69 and a 52 week high of $80.46.
Institutional Investors Weigh In On Prosperity Bancshares
A number of institutional investors have recently modified their holdings of PB. Meeder Asset Management Inc. grew its holdings in shares of Prosperity Bancshares by 166.2% during the second quarter. Meeder Asset Management Inc. now owns 386 shares of the bank's stock valued at $26,000 after buying an additional 241 shares during the last quarter. Artemis Wealth Advisors LLC bought a new stake in shares of Prosperity Bancshares in the 1st quarter worth $39,000. Covestor Ltd increased its holdings in shares of Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank's stock worth $48,000 after purchasing an additional 315 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Prosperity Bancshares by 27.5% in the second quarter. First Horizon Advisors Inc. now owns 752 shares of the bank's stock worth $52,000 after purchasing an additional 162 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 72.2% during the first quarter. Parallel Advisors LLC now owns 911 shares of the bank's stock valued at $64,000 after purchasing an additional 382 shares in the last quarter. 81.50% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a $0.52 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.12%. Prosperity Bancshares's dividend payout ratio is currently 37.82%.
About Prosperity Bancshares
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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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