Southside Bancshares (NASDAQ:SBSI) Rating Lowered to Sell at StockNews.com

by · The Cerbat Gem

StockNews.com downgraded shares of Southside Bancshares (NASDAQ:SBSI – Free Report) from a hold rating to a sell rating in a research report report published on Thursday.

Separately, Hovde Group boosted their target price on Southside Bancshares from $31.00 to $37.00 and gave the stock a market perform rating in a research report on Monday, July 29th.

Get Our Latest Research Report on SBSI

Southside Bancshares Stock Performance

NASDAQ:SBSI opened at $32.21 on Thursday. The company has a 50-day moving average of $32.85 and a 200-day moving average of $29.69. The firm has a market cap of $975.00 million, a price-to-earnings ratio of 11.97 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.44. Southside Bancshares has a twelve month low of $25.30 and a twelve month high of $36.10.

Southside Bancshares (NASDAQ:SBSI – Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.17. Southside Bancshares had a net margin of 18.90% and a return on equity of 10.64%. The firm had revenue of $115.74 million for the quarter, compared to analyst estimates of $64.91 million. During the same quarter in the previous year, the business posted $0.82 earnings per share. Analysts forecast that Southside Bancshares will post 2.96 earnings per share for the current fiscal year.

Southside Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.36 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.47%. Southside Bancshares’s dividend payout ratio is currently 53.53%.

Insider Buying and Selling

In other Southside Bancshares news, insider Jared C. Green sold 864 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $33.27, for a total transaction of $28,745.28. Following the sale, the insider now directly owns 4,358 shares of the company’s stock, valued at $144,990.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Southside Bancshares news, insider Jared C. Green sold 864 shares of Southside Bancshares stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $33.27, for a total transaction of $28,745.28. Following the transaction, the insider now owns 4,358 shares of the company’s stock, valued at $144,990.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Julie Shamburger sold 5,360 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $35.03, for a total transaction of $187,760.80. Following the completion of the sale, the chief financial officer now directly owns 24,327 shares of the company’s stock, valued at $852,174.81. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,890 shares of company stock valued at $500,319. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

Several institutional investors and hedge funds have recently modified their holdings of SBSI. AQR Capital Management LLC boosted its position in Southside Bancshares by 95.8% during the second quarter. AQR Capital Management LLC now owns 238,087 shares of the bank’s stock valued at $6,574,000 after purchasing an additional 116,473 shares during the last quarter. Marshall Wace LLP acquired a new stake in Southside Bancshares in the second quarter valued at approximately $1,109,000. Renaissance Technologies LLC lifted its stake in Southside Bancshares by 6.8% in the second quarter. Renaissance Technologies LLC now owns 603,285 shares of the bank’s stock valued at $16,657,000 after acquiring an additional 38,500 shares during the last quarter. Quest Partners LLC increased its stake in shares of Southside Bancshares by 835.1% during the 2nd quarter. Quest Partners LLC now owns 23,826 shares of the bank’s stock worth $658,000 after purchasing an additional 21,278 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of Southside Bancshares by 185.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank’s stock valued at $702,000 after purchasing an additional 15,625 shares in the last quarter. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

About Southside Bancshares

(Get Free Report)

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.

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