Allspring Global Investments Holdings LLC Sells 32,921 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Prosperity Bancshares, Inc. by 11.2%, now holding approximately 262,041 shares valued at $19.1 million after selling 32,921 shares.
• Prosperity Bancshares reported an earnings per share (EPS) of $1.42 for the quarter, surpassing estimates by $0.02, although its revenue of $310.7 million fell short of analyst expectations of $315.66 million.
• The stock has seen mixed analyst ratings, with twelve analysts giving it a Buy rating and a consensus target price of $82.27, reflecting a Moderate Buy outlook.

Allspring Global Investments Holdings LLC decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 11.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 262,041 shares of the bank's stock after selling 32,921 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.28% of Prosperity Bancshares worth $19,098,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Steph & Co. bought a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Prosperity Bancshares in the 1st quarter valued at approximately $48,000. IFP Advisors Inc grew its stake in shares of Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank's stock valued at $68,000 after buying an additional 901 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after buying an additional 141 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank's stock valued at $69,000 after buying an additional 249 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 2.2%

Shares of PB stock opened at $63.28 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $86.75. The firm has a market cap of $6.01 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 0.92 and a beta of 0.73. The stock has a 50 day moving average of $66.79 and a 200-day moving average of $68.40.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the prior year, the company posted $1.22 earnings per share. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on PB. Piper Sandler decreased their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Cantor Fitzgerald began coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They set an "overweight" rating and a $78.00 target price for the company. Raymond James Financial set a $75.00 target price on Prosperity Bancshares in a research report on Tuesday, October 7th. Cowen began coverage on Prosperity Bancshares in a research report on Wednesday, September 24th. They set a "buy" rating for the company. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.27.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $70.21, for a total value of $42,126.00. Following the completion of the transaction, the director directly owned 44,800 shares in the company, valued at approximately $3,145,408. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 14,300 shares of company stock valued at $960,266 in the last three months. Corporate insiders own 4.20% of the company's stock.

About Prosperity Bancshares

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.

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