Southside Bancshares, Inc. (NASDAQ:SBSI) Insider Sells $157,324.57 in Stock

Southside Bancshares, Inc. (NASDAQ:SBSI) insider T L. Arnold, Jr. sold 4,667 shares of the 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 sale, the insider now directly owns 16,441 shares in the company, valued at $554,226.11. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Southside Bancshares Stock Up 4.8 %

SBSI opened at $33.84 on Friday. The stock has a market capitalization of $1.02 billion, a P/E ratio of 12.58 and a beta of 0.55. 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, Inc. has a one year low of $25.30 and a one year high of $36.10. The business’s 50-day simple moving average is $30.07 and its 200-day simple moving average is $28.69.

Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.17. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.90%. The firm had revenue of $115.74 million for the quarter, compared to analysts’ expectations of $64.91 million. During the same quarter in the previous year, the firm posted $0.82 EPS. Analysts anticipate that Southside Bancshares, Inc. will post 2.96 EPS for the current year.

Southside Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, August 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 4.26%. Southside Bancshares’s payout ratio is currently 53.53%.

Institutional Trading of Southside Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System lifted its position in Southside Bancshares by 185.9% in the first 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 during the period. Charles Schwab Investment Management Inc. raised its position in Southside Bancshares by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 363,825 shares of the bank’s stock worth $11,395,000 after acquiring an additional 15,470 shares in the last quarter. Empowered Funds LLC lifted its holdings in Southside Bancshares by 8.1% in the first quarter. Empowered Funds LLC now owns 65,458 shares of the bank’s stock valued at $1,913,000 after acquiring an additional 4,900 shares during the period. Victory Capital Management Inc. boosted its position in shares of Southside Bancshares by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 17,774 shares of the bank’s stock worth $557,000 after purchasing an additional 1,834 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Southside Bancshares by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,315 shares of the bank’s stock worth $828,000 after purchasing an additional 1,074 shares during the period. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SBSI has been the subject of several analyst reports. Hovde Group upped their price objective 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. StockNews.com raised shares of Southside Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, July 2nd.

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.