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

by · The Markets Daily

StockNews.com lowered shares of Southside Bancshares (NASDAQ:SBSI – Free Report) from a hold rating to a sell rating in a research note released on Thursday morning.

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

Check Out Our Latest Research Report on SBSI

Southside Bancshares Stock Up 2.9 %

Shares of Southside Bancshares stock opened at $33.14 on Thursday. Southside Bancshares has a 52-week low of $25.30 and a 52-week high of $36.10. The stock has a market capitalization of $1.00 billion, a PE ratio of 12.32 and a beta of 0.54. The company has a 50-day simple moving average of $32.85 and a two-hundred day simple moving average of $29.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.71 and a current ratio of 0.71.

Southside Bancshares (NASDAQ:SBSI – Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.17. Southside Bancshares had a net margin of 18.90% and a return on equity of 10.64%. The company had revenue of $115.74 million for the quarter, compared to the consensus estimate of $64.91 million. During the same quarter in the prior year, the firm earned $0.82 earnings per share. On average, analysts anticipate that Southside Bancshares will post 2.96 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend was Thursday, August 22nd. Southside Bancshares’s dividend payout ratio (DPR) is presently 53.53%.

Insiders Place Their Bets

In other Southside Bancshares news, CFO Julie Shamburger sold 5,360 shares of Southside Bancshares stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $35.03, for a total value of $187,760.80. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider T L. Arnold, Jr. sold 4,667 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.71, for a total value of $157,324.57. Following the sale, the insider now directly owns 16,441 shares in the company, valued at approximately $554,226.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Julie Shamburger sold 5,360 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $35.03, for a total value of $187,760.80. Following the completion of the sale, the chief financial officer now owns 24,327 shares in the company, valued at approximately $852,174.81. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,890 shares of company stock valued at $500,319 in the last quarter. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Southside Bancshares

A number of hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased 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 acquiring an additional 387 shares during the period. CWM LLC raised its stake in shares of Southside Bancshares by 447.5% during the 2nd quarter. CWM LLC now owns 3,099 shares of the bank’s stock valued at $86,000 after buying an additional 2,533 shares during the last quarter. EntryPoint Capital LLC lifted its holdings in Southside Bancshares by 57.0% in the first quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock valued at $96,000 after acquiring an additional 1,195 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Southside Bancshares by 48.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock valued at $139,000 after purchasing an additional 1,643 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Southside Bancshares in the first quarter worth about $233,000. 55.70% of the stock is currently owned by 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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