Zacks Research Analysts Lift Earnings Estimates for Prosperity Bancshares, Inc. (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB – Free Report) – Stock analysts at Zacks Research upped their FY2023 EPS estimates for shares of Prosperity Bancshares in a research note issued on Wednesday, August 9th. Zacks Research analyst R. Fatarpekar now expects that the bank will earn $5.08 per share for the year, up from their previous forecast of $4.67. The consensus estimate for Prosperity Bancshares’ current full-year earnings is $5.02 per share. Zacks Research also issued estimates for Prosperity Bancshares’ Q3 2024 earnings at $1.29 EPS, FY2024 earnings at $4.96 EPS, Q1 2025 earnings at $1.43 EPS and FY2025 earnings at $6.31 EPS.

Other research analysts also recently issued reports about the stock. Wedbush restated a “neutral” rating and set a $64.00 target price on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Piper Sandler increased their target price on Prosperity Bancshares from $72.00 to $74.00 in a research note on Thursday, July 27th. Raymond James raised their price target on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Stephens raised their price target on shares of Prosperity Bancshares from $63.00 to $67.00 in a research note on Thursday, July 27th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $60.00 target price on shares of Prosperity Bancshares in a research note on Monday, July 31st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $71.00.

View Our Latest Stock Analysis on Prosperity Bancshares

Prosperity Bancshares Trading Up 0.3 %

Prosperity Bancshares stock opened at $60.52 on Monday. Prosperity Bancshares has a 1 year low of $54.45 and a 1 year high of $78.76. The company has a market cap of $5.67 billion, a PE ratio of 11.40, a PEG ratio of 1.22 and a beta of 0.95. The company’s 50-day moving average is $59.60 and its two-hundred day moving average is $63.35.

Prosperity Bancshares Dividend Announcement

The firm also recently declared 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 41.43%.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the company. Zions Bancorporation N.A. bought a new position in shares of Prosperity Bancshares in the fourth quarter worth $30,000. Fifth Third Bancorp grew its holdings in shares of Prosperity Bancshares by 29.6% during the second quarter. Fifth Third Bancorp now owns 749 shares of the bank’s stock worth $42,000 after purchasing an additional 171 shares during the last quarter. Amica Retiree Medical Trust bought a new stake in shares of Prosperity Bancshares during the second quarter worth about $42,000. Covestor Ltd grew its holdings in shares of Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Prosperity Bancshares by 73.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 77.68% of the company’s stock.

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.

Further Reading

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