Allspring Global Investments Holdings LLC Boosts Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Allspring Global Investments Holdings LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 294,962 shares of the bank's stock after purchasing an additional 12,042 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.31% of Prosperity Bancshares worth $20,845,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PB. Illinois Municipal Retirement Fund purchased a new position in Prosperity Bancshares in the first quarter worth $766,000. Wealthquest Corp acquired a new stake in shares of Prosperity Bancshares in the 1st quarter worth $811,000. Lecap Asset Management Ltd. purchased a new position in Prosperity Bancshares during the 1st quarter worth $517,000. ORG Wealth Partners LLC purchased a new position in Prosperity Bancshares during the 1st quarter worth $389,000. Finally, State of Alaska Department of Revenue increased its position in Prosperity Bancshares by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,157 shares of the bank's stock valued at $796,000 after buying an additional 295 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $72.97, for a total transaction of $36,485.00. Following the completion of the transaction, the director directly owned 98,415 shares of the company's stock, valued at $7,181,342.55. The trade was a 0.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 9,600 shares of company stock valued at $666,785. Corporate insiders own 4.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PB shares. Barclays lowered their price target on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Hovde Group cut their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Finally, Morgan Stanley decreased their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Prosperity Bancshares Stock Performance

NYSE PB traded up $0.17 on Thursday, reaching $73.73. 468,888 shares of the company's stock traded hands, compared to its average volume of 605,387. Prosperity Bancshares, Inc. has a fifty-two week low of $58.66 and a fifty-two week high of $86.76. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 0.92 and a beta of 0.68. The stock has a 50 day moving average price of $70.02 and a 200-day moving average price of $72.45.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The business had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same quarter in the previous year, the firm posted $1.18 EPS. The company's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Friday, June 13th. Prosperity Bancshares's payout ratio is presently 44.19%.

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.