Southside Bancshares (NASDAQ:SBSI) Sets New 1-Year High – Here’s Why

Southside Bancshares, Inc. (NASDAQ:SBSI)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $36.20 and last traded at $36.12, with a volume of 23498 shares. The stock had previously closed at $32.74.

Analysts Set New Price Targets

Several analysts have recently commented on SBSI shares. StockNews.com cut Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday. Hovde Group increased their price objective on shares of Southside Bancshares from $31.00 to $37.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

Southside Bancshares Stock Up 13.7 %

The firm’s 50-day moving average is $33.23 and its two-hundred day moving average is $30.40. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $1.13 billion, a P/E ratio of 13.36 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last released its earnings results on Thursday, October 24th. The bank reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. The firm had revenue of $113.87 million for the quarter, compared to the consensus estimate of $68.25 million. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, equities research analysts anticipate that Southside Bancshares, Inc. will post 2.98 earnings per share for the current year.

Southside Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Thursday, August 22nd. Southside Bancshares’s dividend payout ratio (DPR) is presently 51.99%.

Insider Transactions at Southside Bancshares

In other Southside Bancshares news, insider T L. Arnold, Jr. sold 4,667 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.71, for a total transaction of $157,324.57. Following the completion of the sale, the insider now owns 16,441 shares in the company, valued at approximately $554,226.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.10% of the stock is owned by corporate insiders.

Institutional Trading of Southside Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC lifted its holdings in Southside Bancshares by 5.3% during the third quarter. Empowered Funds LLC now owns 74,250 shares of the bank’s stock worth $2,482,000 after acquiring an additional 3,752 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new position in shares of Southside Bancshares during the 3rd quarter valued at about $255,000. Bill Few Associates Inc. bought a new position in shares of Southside Bancshares during the 3rd quarter valued at about $222,000. Jamison Private Wealth Management Inc. grew its position in shares of Southside Bancshares by 168.4% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 10,944 shares of the bank’s stock valued at $366,000 after purchasing an additional 6,866 shares during the period. Finally, CWM LLC increased its stake in Southside Bancshares by 50.8% during the 3rd quarter. CWM LLC now owns 4,673 shares of the bank’s stock worth $156,000 after purchasing an additional 1,574 shares in the last quarter. 55.70% of the stock is owned by institutional investors.

About Southside Bancshares

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposits.