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

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

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

Southside Bancshares Trading Down 0.5 %

NASDAQ SBSI opened at $32.21 on Thursday. The stock has a market cap of $975.00 million, a P/E ratio of 11.97 and a beta of 0.54. The company’s fifty day simple moving average is $32.85 and its 200-day simple moving average is $29.69. 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 52 week low of $25.30 and a 52 week high of $36.10.

Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.17. The firm had revenue of $115.74 million for the quarter, compared to analyst estimates of $64.91 million. Southside Bancshares had a net margin of 18.90% and a return on equity of 10.64%. During the same quarter in the previous year, the business posted $0.82 EPS. Equities research analysts predict that Southside Bancshares will post 2.96 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

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 yield of 4.47%. The ex-dividend date of this dividend was Thursday, August 22nd. Southside Bancshares’s dividend payout ratio is currently 53.53%.

Insider Transactions at Southside Bancshares

In related news, insider T L. Arnold, Jr. sold 4,667 shares of Southside Bancshares stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.71, for a total value of $157,324.57. Following the completion of the transaction, the insider now directly owns 16,441 shares in the company, valued at approximately $554,226.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the sale, the insider now owns 4,358 shares in the company, valued at $144,990.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider T L. Arnold, Jr. sold 4,667 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.71, for a total transaction of $157,324.57. Following the sale, the insider now owns 16,441 shares in the company, valued at approximately $554,226.11. This trade represents a 0.00 % decrease in their position. 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. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

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

Southside Bancshares Company Profile

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.