Allspring Global Investments Holdings LLC Has $21.13 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Allspring Global Investments Holdings LLC increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 282,920 shares of the bank’s stock after acquiring an additional 10,589 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.30% of Prosperity Bancshares worth $21,128,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PB. Savant Capital LLC raised its holdings in Prosperity Bancshares by 4.6% during the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank’s stock worth $339,000 after purchasing an additional 197 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of Prosperity Bancshares by 6.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock worth $67,002,000 after buying an additional 53,654 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the fourth quarter worth approximately $5,463,000. Choreo LLC acquired a new position in Prosperity Bancshares in the fourth quarter valued at approximately $240,000. Finally, Tectonic Advisors LLC boosted its stake in Prosperity Bancshares by 15.5% in the fourth quarter. Tectonic Advisors LLC now owns 8,154 shares of the bank’s stock valued at $614,000 after acquiring an additional 1,096 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the sale, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,600 shares of company stock valued at $1,273,279 in the last ninety days. 4.28% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Trading Down 0.3 %

PB opened at $77.81 on Friday. The stock has a market capitalization of $7.41 billion, a P/E ratio of 15.38, a P/E/G ratio of 0.98 and a beta of 0.94. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.75. The firm’s fifty day simple moving average is $77.79 and its 200 day simple moving average is $75.72.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 2.98%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Analysts Set New Price Targets

Several brokerages have commented on PB. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a report on Tuesday, January 7th. Stephens upped their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Barclays lifted their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.88.

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.