Southside Bancshares (NASDAQ:SBSI) Hits New 12-Month High – Here’s What Happened

Southside Bancshares, Inc. (NASDAQ:SBSI)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $34.37 and last traded at $34.0350, with a volume of 19750 shares. The stock had previously closed at $33.35.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SBSI shares. Keefe, Bruyette & Woods raised their price objective on shares of Southside Bancshares from $31.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday. Hovde Group increased 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 equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Stock Up 0.5%

The firm has a market capitalization of $1.01 billion, a P/E ratio of 11.57 and a beta of 0.64. 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 of $31.75 and a 200-day moving average of $30.13.

Southside Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Thursday, February 19th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Thursday, February 19th. Southside Bancshares’s payout ratio is currently 62.88%.

Insider Activity

In related news, Director Herbert C. Buie purchased 1,807 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was purchased at an average cost of $30.68 per share, with a total value of $55,438.76. Following the completion of the acquisition, the director directly owned 389,288 shares of the company’s stock, valued at approximately $11,943,355.84. The trade was a 0.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Southside Bancshares

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its holdings in Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the bank’s stock valued at $28,000 after buying an additional 867 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Southside Bancshares in the third quarter valued at approximately $45,000. GAMMA Investing LLC boosted its position in shares of Southside Bancshares by 26.6% in the fourth quarter. GAMMA Investing LLC now owns 1,809 shares of the bank’s stock valued at $55,000 after acquiring an additional 380 shares during the period. Pacifica Partners Inc. purchased a new position in Southside Bancshares during the third quarter valued at approximately $56,000. Finally, Hantz Financial Services Inc. increased its holdings in 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 acquiring an additional 1,944 shares during the period. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Southside Bancshares Company Profile

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.