Southside Bancshares (NASDAQ:SBSI) Shares Gap Down – What’s Next?

Southside Bancshares, Inc. (NASDAQ:SBSI)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $32.69, but opened at $31.05. Southside Bancshares shares last traded at $32.18, with a volume of 7,358 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SBSI shares. StockNews.com lowered Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. Raymond James initiated coverage on Southside Bancshares in a research report on Tuesday, January 14th. They set a “market perform” rating on the stock.

Southside Bancshares Trading Down 4.6 %

The business’s 50-day moving average is $33.10 and its two-hundred day moving average is $33.18. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $945.04 million, a PE ratio of 11.25 and a beta of 0.58.

Southside Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Thursday, November 21st were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.62%. Southside Bancshares’s dividend payout ratio is presently 51.99%.

Insider Buying and Selling at Southside Bancshares

In other Southside Bancshares news, insider Suni M. Davis sold 2,220 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 of the company’s stock, valued at approximately $331,272. The trade was a 19.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lee R. Gibson sold 3,300 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 57,272 shares of the company’s stock, valued at $2,104,173.28. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently modified their holdings of SBSI. GAMMA Investing LLC grew its holdings 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 acquiring an additional 507 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Southside Bancshares in the 3rd quarter valued at about $83,000. Quantbot Technologies LP lifted its stake in shares of Southside Bancshares by 190.1% in the third quarter. Quantbot Technologies LP now owns 2,884 shares of the bank’s stock valued at $96,000 after purchasing an additional 1,890 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings 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 in the last quarter. Finally, FMR LLC grew 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. 55.70% of the stock is owned by hedge funds and other 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.