DA Davidson Comments on Prosperity Bancshares, Inc.’s FY2024 Earnings (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB) – Equities researchers at DA Davidson lowered their FY2024 EPS estimates for Prosperity Bancshares in a research note issued to investors on Thursday, April 25th. DA Davidson analyst P. Winter now forecasts that the bank will post earnings per share of $5.01 for the year, down from their previous estimate of $5.02. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $4.97 per share. DA Davidson also issued estimates for Prosperity Bancshares’ FY2025 earnings at $5.75 EPS.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The company had revenue of $420.78 million for the quarter, compared to analysts’ expectations of $274.88 million. During the same period last year, the firm earned $1.37 earnings per share.

PB has been the topic of a number of other reports. Barclays assumed coverage on shares of Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a report on Wednesday, February 7th. Raymond James boosted their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. Truist Financial restated a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $63.55 on Friday. The company’s 50 day simple moving average is $62.58 and its 200 day simple moving average is $61.71. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 1.29 and a beta of 0.93. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Planned Solutions Inc. purchased a new stake in shares of Prosperity Bancshares during the 4th quarter valued at approximately $37,000. GAMMA Investing LLC bought a new stake in Prosperity Bancshares during the 4th quarter worth approximately $38,000. Parallel Advisors LLC increased its holdings in Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after acquiring an additional 652 shares during the period. Signaturefd LLC increased its holdings in Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after acquiring an additional 470 shares during the period. Finally, Mather Group LLC. bought a new position in shares of Prosperity Bancshares in the 1st quarter worth $50,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.