Southside Bancshares (NASDAQ:SBSI) Price Target Raised to $35.00

Southside Bancshares (NASDAQ:SBSI) had its target price upped by Keefe, Bruyette & Woods from $31.00 to $35.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

Separately, Hovde Group raised their target price on shares of Southside Bancshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Monday. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.00.

Southside Bancshares Price Performance

Southside Bancshares stock opened at $33.70 on Monday. Southside Bancshares has a 1 year low of $25.85 and a 1 year high of $34.37. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 11.58 and a beta of 0.64. The firm has a 50-day moving average of $31.58 and a two-hundred day moving average of $30.09. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76.

Insider Buying and Selling

In other news, Director Herbert C. Buie acquired 1,807 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was bought at an average price of $30.68 per share, with a total value of $55,438.76. Following the completion of the acquisition, the director owned 389,288 shares of the company’s stock, valued at approximately $11,943,355.84. This represents a 0.47% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

Large investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its stake in 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 last quarter. American Century Companies Inc. increased its position in shares of Southside Bancshares by 14.8% during the 2nd quarter. American Century Companies Inc. now owns 352,786 shares of the bank’s stock worth $10,382,000 after purchasing an additional 45,598 shares during the last quarter. Hantz Financial Services Inc. boosted its position in shares of Southside Bancshares by 2,858.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,012 shares of the bank’s stock worth $59,000 after purchasing an additional 1,944 shares during the period. Campbell & CO Investment Adviser LLC increased its stake in Southside Bancshares by 82.6% during the second quarter. Campbell & CO Investment Adviser LLC now owns 21,993 shares of the bank’s stock worth $647,000 after purchasing an additional 9,946 shares during the period. Finally, Pinnacle Associates Ltd. purchased a new position in Southside Bancshares in the 2nd quarter valued at approximately $789,000. 55.70% of the stock is currently owned by institutional investors and hedge funds.

About Southside Bancshares

Southside Bancshares, Inc is a bank holding company headquartered in Tyler, Texas, and operates through its principal subsidiary, Southside Bank. The company provides a full suite of commercial and retail banking services, including deposit accounts, commercial and consumer loans, mortgage lending, and digital banking solutions designed to meet the needs of individuals, small businesses, and mid-market companies.

Southside Bank’s commercial banking division offers lending and treasury management services to support business growth and operational efficiency.