Raymond James Initiates Coverage on Southside Bancshares (NASDAQ:SBSI)

Raymond James began coverage on shares of Southside Bancshares (NASDAQ:SBSI) in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm set a “market perform” rating on the bank’s stock.

Separately, StockNews.com cut Southside Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, November 5th.

Southside Bancshares Stock Performance

Shares of Southside Bancshares stock opened at $30.19 on Tuesday. The business has a 50-day moving average of $33.90 and a 200 day moving average of $32.81. Southside Bancshares has a 12 month low of $25.30 and a 12 month high of $38.00. The stock has a market capitalization of $915.00 million, a price-to-earnings ratio of 10.90 and a beta of 0.58. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.70.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). The company had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. During the same quarter in the previous year, the business posted $0.60 EPS. As a group, sell-side analysts forecast that Southside Bancshares will post 2.98 earnings per share for the current year.

Insider Buying and Selling

In other Southside Bancshares news, CEO Lee R. Gibson sold 3,300 shares of Southside Bancshares stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total transaction of $121,242.00. Following the transaction, the chief executive officer now owns 57,272 shares of the company’s stock, valued at $2,104,173.28. The trade was a 5.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Suni M. Davis sold 2,220 shares of Southside Bancshares stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.00, for a total value of $79,920.00. Following the transaction, the insider now directly owns 9,202 shares in the company, valued at approximately $331,272. This trade represents a 19.44 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Southside Bancshares by 61.1% during the fourth quarter. GAMMA Investing LLC now owns 1,337 shares of the bank’s stock worth $42,000 after buying an additional 507 shares during the period. Point72 DIFC Ltd acquired a new position in Southside Bancshares during the third quarter worth approximately $83,000. Quantbot Technologies LP increased its position in Southside Bancshares by 190.1% during the third quarter. Quantbot Technologies LP now owns 2,884 shares of the bank’s stock worth $96,000 after buying an additional 1,890 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its position in Southside Bancshares by 172.6% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,176 shares of the bank’s stock worth $106,000 after buying an additional 2,011 shares during the period. Finally, FMR LLC increased its position in Southside Bancshares by 226.9% during the third quarter. FMR LLC now owns 3,432 shares of the bank’s stock worth $115,000 after buying an additional 2,382 shares during the period. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Company Profile

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.