Pinnacle Associates Ltd. Takes Position in Southside Bancshares, Inc. $SBSI

Pinnacle Associates Ltd. acquired a new stake in Southside Bancshares, Inc. (NASDAQ:SBSI) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 26,804 shares of the bank’s stock, valued at approximately $789,000. Pinnacle Associates Ltd. owned 0.09% of Southside Bancshares at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Southside Bancshares by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the bank’s stock valued at $494,000 after purchasing an additional 701 shares during the period. Wedge Capital Management L L P NC lifted its stake in shares of Southside Bancshares by 3.3% in the 2nd quarter. Wedge Capital Management L L P NC now owns 27,445 shares of the bank’s stock valued at $808,000 after purchasing an additional 889 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Southside Bancshares in the 1st quarter valued at about $29,000. State of Alaska Department of Revenue lifted its stake in shares of Southside Bancshares by 7.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 16,923 shares of the bank’s stock valued at $497,000 after purchasing an additional 1,137 shares during the period. Finally, New York State Teachers Retirement System lifted its stake in shares of Southside Bancshares by 15.7% in the 1st quarter. New York State Teachers Retirement System now owns 9,182 shares of the bank’s stock valued at $266,000 after purchasing an additional 1,244 shares during the period. 55.70% of the stock is owned by institutional investors and hedge funds.

Southside Bancshares Stock Performance

Shares of SBSI opened at $28.57 on Tuesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50 day moving average price of $29.12 and a two-hundred day moving average price of $29.24. The firm has a market capitalization of $858.99 million, a P/E ratio of 9.82 and a beta of 0.64. Southside Bancshares, Inc. has a 52 week low of $25.85 and a 52 week high of $38.00.

Southside Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Thursday, August 21st. Southside Bancshares’s payout ratio is currently 62.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on Southside Bancshares from $32.00 to $31.00 and set a “market perform” rating on the stock in a research note on Monday, October 27th. Stephens reaffirmed an “equal weight” rating and set a $36.00 price target on shares of Southside Bancshares in a research note on Friday, September 19th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Southside Bancshares currently has an average rating of “Hold” and an average price target of $33.50.

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.