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

Allspring Global Investments Holdings LLC raised its position in Prosperity Bancshares, Inc. (NYSE:PB) by 21.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 272,331 shares of the bank’s stock after buying an additional 48,719 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Prosperity Bancshares were worth $19,627,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the last quarter. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC lifted its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $46,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PB shares. Barclays increased their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday. Finally, Hovde Group increased their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.58.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $73.53 on Friday. Prosperity Bancshares, Inc. has a one year low of $49.82 and a one year high of $75.28. The company has a market cap of $7.00 billion, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. The business has a fifty day moving average of $72.19 and a two-hundred day moving average of $66.58.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the company earned $1.20 earnings per share. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.03 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.16%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.02%.

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.