StockNews.com Upgrades Southside Bancshares (NASDAQ:SBSI) to “Hold”

StockNews.com upgraded shares of Southside Bancshares (NASDAQ:SBSI) from a sell rating to a hold rating in a research note published on Monday.

Separately, 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 research report on Monday, July 29th.

Southside Bancshares Stock Down 1.6 %

NASDAQ:SBSI opened at $32.40 on Monday. Southside Bancshares has a 1 year low of $25.30 and a 1 year high of $36.10. The stock has a 50-day moving average price of $33.30 and a two-hundred day moving average price of $30.24. The stock has a market cap of $981.98 million, a price-to-earnings ratio of 11.70 and a beta of 0.54. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.26.

Southside Bancshares (NASDAQ:SBSI) last issued 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 business had revenue of $113.87 million during the quarter, compared to analyst estimates 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 prior year, the firm posted $0.60 earnings per share. As a group, equities analysts expect that Southside Bancshares will post 2.96 earnings per share for the current year.

Southside Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.44%. Southside Bancshares’s payout ratio is presently 51.99%.

Insider Buying and Selling at Southside Bancshares

In other news, insider T L. Arnold, Jr. sold 4,667 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 16,441 shares of the company’s stock, valued at $554,226.11. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider T L. Arnold, Jr. sold 4,667 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 16,441 shares in the company, valued at $554,226.11. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider T L. Arnold, Jr. sold 3,999 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $31.63, for a total value of $126,488.37. Following the completion of the transaction, the insider now owns 16,441 shares of the company’s stock, valued at $520,028.83. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Southside Bancshares

Several large investors have recently made changes to their positions in the stock. Texas Permanent School Fund Corp raised its position in Southside Bancshares by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 25,150 shares of the bank’s stock worth $735,000 after acquiring an additional 369 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Southside Bancshares by 54.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock valued at $30,000 after purchasing an additional 387 shares during the period. Inspire Investing LLC lifted its stake in Southside Bancshares by 4.4% in the 2nd quarter. Inspire Investing LLC now owns 12,815 shares of the bank’s stock valued at $354,000 after purchasing an additional 538 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Southside Bancshares by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 11,371 shares of the bank’s stock worth $314,000 after purchasing an additional 570 shares during the period. Finally, Victory Capital Management Inc. increased its position in Southside Bancshares by 4.0% during the second quarter. Victory Capital Management Inc. now owns 19,310 shares of the bank’s stock worth $533,000 after buying an additional 751 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

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.