Q3 2023 Earnings Estimate for Prosperity Bancshares, Inc. Issued By Zacks Research (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB – Free Report) – Zacks Research increased their Q3 2023 earnings per share (EPS) estimates for shares of Prosperity Bancshares in a report issued on Wednesday, August 9th. Zacks Research analyst R. Fatarpekar now expects that the bank will post earnings of $1.30 per share for the quarter, up from their previous estimate of $1.16. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $4.96 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q4 2023 earnings at $1.19 EPS, Q1 2024 earnings at $1.11 EPS and Q2 2025 earnings at $1.54 EPS.

Other equities analysts have also issued research reports about the company. Piper Sandler increased their target price on Prosperity Bancshares from $72.00 to $74.00 in a report on Thursday, July 27th. Truist Financial reduced their price objective on shares of Prosperity Bancshares from $71.00 to $64.00 in a research report on Thursday, June 29th. Morgan Stanley restated an “underweight” rating and issued a $60.00 price objective on shares of Prosperity Bancshares in a research report on Monday, July 31st. Wolfe Research upgraded shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target for the company in a research report on Wednesday, May 3rd. Finally, StockNews.com raised shares of Prosperity Bancshares to a “sell” rating in a research note on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $71.00.

Read Our Latest Stock Report on Prosperity Bancshares

Prosperity Bancshares Stock Up 0.5 %

NYSE:PB opened at $60.36 on Friday. The company has a fifty day simple moving average of $59.55 and a two-hundred day simple moving average of $63.62. The company has a market cap of $5.66 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 1.21 and a beta of 0.95. Prosperity Bancshares has a 52 week low of $54.45 and a 52 week high of $78.76.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Prosperity Bancshares by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 357,739 shares of the bank’s stock worth $26,000,000 after acquiring an additional 2,421 shares during the period. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 18.6% in the 4th quarter. Parallel Advisors LLC now owns 2,629 shares of the bank’s stock worth $191,000 after acquiring an additional 412 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Prosperity Bancshares by 1.5% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock worth $1,459,000 after acquiring an additional 287 shares during the period. Machina Capital S.A.S. acquired a new stake in shares of Prosperity Bancshares in the 1st quarter worth about $86,000. Finally, Cambiar Investors LLC increased its holdings in shares of Prosperity Bancshares by 34.9% in the 4th quarter. Cambiar Investors LLC now owns 32,276 shares of the bank’s stock worth $2,346,000 after acquiring an additional 8,350 shares during the period. Institutional investors and hedge funds own 77.68% of the company’s stock.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.64%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 41.43%.

Prosperity Bancshares Company Profile

(Get Free Report)

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.

Earnings History and Estimates for Prosperity Bancshares (NYSE:PB)

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