Cornercap Investment Counsel Inc. Grows Stake in Southside Bancshares, Inc. (NASDAQ:SBSI)

Cornercap Investment Counsel Inc. increased its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI) by 88.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,404 shares of the bank’s stock after buying an additional 6,772 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Southside Bancshares were worth $457,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in shares of Southside Bancshares by 79.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock valued at $12,876,000 after acquiring an additional 170,287 shares during the last quarter. Geode Capital Management LLC grew its stake in Southside Bancshares by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 671,666 shares of the bank’s stock worth $22,458,000 after buying an additional 3,097 shares in the last quarter. Barclays PLC increased its holdings in shares of Southside Bancshares by 137.6% in the 3rd quarter. Barclays PLC now owns 59,263 shares of the bank’s stock worth $1,981,000 after buying an additional 34,316 shares during the last quarter. Jane Street Group LLC raised its position in shares of Southside Bancshares by 119.5% during the 3rd quarter. Jane Street Group LLC now owns 53,571 shares of the bank’s stock valued at $1,791,000 after buying an additional 29,163 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Southside Bancshares during the 3rd quarter worth $233,000. Institutional investors own 55.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on SBSI. Stephens lowered their price target on Southside Bancshares from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Raymond James began coverage on Southside Bancshares in a report on Tuesday, January 14th. They set a “market perform” rating on the stock. Finally, StockNews.com raised Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Southside Bancshares Stock Performance

NASDAQ SBSI opened at $28.90 on Friday. The firm has a market cap of $878.39 million, a price-to-earnings ratio of 9.93 and a beta of 0.56. The company has a 50-day simple moving average of $30.63 and a two-hundred day simple moving average of $32.49. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.18. Southside Bancshares, Inc. has a 12-month low of $25.30 and a 12-month high of $38.00.

Southside Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Thursday, February 20th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $1.44 annualized dividend and a yield of 4.98%. Southside Bancshares’s payout ratio is 49.48%.

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.