Southside Bancshares (NASDAQ:SBSI) Price Target Cut to $37.00 by Analysts at Stephens

Southside Bancshares (NASDAQ:SBSI) had its price objective cut by Stephens from $38.00 to $37.00 in a research report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other equities analysts have also commented on SBSI. StockNews.com lowered Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. Raymond James assumed coverage on Southside Bancshares in a research report on Tuesday, January 14th. They set a “market perform” rating on the stock.

Southside Bancshares Stock Down 0.3 %

Shares of Southside Bancshares stock opened at $31.34 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. Southside Bancshares has a 52-week low of $25.30 and a 52-week high of $38.00. The company has a market capitalization of $949.95 million, a P/E ratio of 10.73 and a beta of 0.58. The company has a 50 day moving average of $32.95 and a 200 day moving average of $33.16.

Southside Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Thursday, November 21st were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend was Thursday, November 21st. Southside Bancshares’s payout ratio is currently 49.48%.

Insider Transactions at Southside Bancshares

In related news, CEO Lee R. Gibson sold 3,300 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the sale, the chief executive officer now directly owns 57,272 shares of the company’s stock, valued at $2,104,173.28. This trade represents a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Suni M. Davis sold 2,220 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total transaction of $79,920.00. Following the completion of the transaction, the insider now directly owns 9,202 shares in the company, valued at $331,272. This represents a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently modified their holdings of SBSI. Rhumbline Advisers boosted its stake in shares of Southside Bancshares by 1.4% in the fourth quarter. Rhumbline Advisers now owns 87,307 shares of the bank’s stock valued at $2,773,000 after buying an additional 1,244 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Southside Bancshares by 5.1% during the 4th quarter. Empowered Funds LLC now owns 78,013 shares of the bank’s stock worth $2,478,000 after purchasing an additional 3,763 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Southside Bancshares in the 4th quarter valued at about $673,000. GAMMA Investing LLC lifted its stake in shares of Southside Bancshares by 61.1% in the fourth quarter. GAMMA Investing LLC now owns 1,337 shares of the bank’s stock valued at $42,000 after purchasing an additional 507 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Southside Bancshares by 79.3% during the third quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock worth $12,876,000 after buying an additional 170,287 shares in the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.

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.