Prosperity Bancshares, Inc. (NYSE:PB) Holdings Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,962 shares of the bank's stock after acquiring an additional 12,042 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.31% of Prosperity Bancshares worth $20,845,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC boosted its holdings in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after acquiring an additional 128 shares in the last quarter. American Century Companies Inc. lifted its position in Prosperity Bancshares by 0.8% in the fourth quarter. American Century Companies Inc. now owns 31,013 shares of the bank's stock worth $2,337,000 after purchasing an additional 255 shares during the period. State of Alaska Department of Revenue boosted its stake 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 purchasing an additional 295 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after purchasing an additional 312 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of Prosperity Bancshares by 28.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,603 shares of the bank's stock valued at $121,000 after purchasing an additional 355 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director directly owned 45,700 shares of the company's stock, valued at approximately $3,239,673. This represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 9,600 shares of company stock worth $666,785 in the last quarter. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Up 0.2%

Shares of Prosperity Bancshares stock traded up $0.17 during trading on Friday, hitting $73.73. The stock had a trading volume of 468,888 shares, compared to its average volume of 603,559. Prosperity Bancshares, Inc. has a 1 year low of $58.66 and a 1 year high of $86.76. The stock has a 50 day simple moving average of $70.15 and a 200 day simple moving average of $72.39. The company has a market capitalization of $7.02 billion, a PE ratio of 14.04, a P/E/G ratio of 0.92 and a beta of 0.68.

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

Prosperity Bancshares Announces Dividend

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

Prosperity Bancshares 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.