Wambolt & Associates LLC Has $4.60 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wambolt & Associates LLC decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 23.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 67,873 shares of the bank's stock after selling 20,913 shares during the period. Prosperity Bancshares accounts for about 0.8% of Wambolt & Associates LLC's investment portfolio, making the stock its 7th biggest position. Wambolt & Associates LLC owned approximately 0.07% of Prosperity Bancshares worth $4,597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PB. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank's stock worth $401,551,000 after purchasing an additional 136,764 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Prosperity Bancshares by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank's stock worth $233,130,000 after buying an additional 187,472 shares during the period. Wellington Management Group LLP lifted its holdings in Prosperity Bancshares by 11.5% during the third quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank's stock worth $120,811,000 after buying an additional 227,725 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Prosperity Bancshares by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank's stock valued at $74,207,000 after acquiring an additional 44,978 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at $46,306,000. Institutional investors own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

PB has been the subject of several recent analyst reports. Royal Bank of Canada reissued a "sector perform" rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Morgan Stanley raised Prosperity Bancshares from an "underweight" rating to an "equal weight" rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. Barclays assumed coverage on Prosperity Bancshares in a report on Friday, March 8th. They issued an "equal weight" rating and a $68.00 price target for the company. Finally, Truist Financial restated a "buy" rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $68.86.

Prosperity Bancshares Trading Down 0.8 %

PB stock traded down $0.51 during midday trading on Friday, reaching $62.98. The stock had a trading volume of 609,282 shares, compared to its average volume of 518,013. Prosperity Bancshares, Inc. has a 52-week low of $49.60 and a 52-week high of $68.88. The company's fifty day simple moving average is $62.64 and its 200 day simple moving average is $62.60. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter in the prior year, the firm earned $1.37 EPS. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 4.99 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 51.61%.

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.