Parkway Wealth Management Group LLC Sells 18,684 Shares of Southside Bancshares, Inc. $SBSI

Parkway Wealth Management Group LLC decreased its stake in Southside Bancshares, Inc. (NYSE:SBSI) by 20.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,105 shares of the company’s stock after selling 18,684 shares during the quarter. Parkway Wealth Management Group LLC owned approximately 0.25% of Southside Bancshares worth $2,464,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Southside Bancshares during the 4th quarter worth approximately $1,260,000. Pinnacle Wealth Management Advisory Group LLC bought a new position in shares of Southside Bancshares in the fourth quarter worth approximately $465,000. Bayview Asset Management LLC increased its stake in shares of Southside Bancshares by 48.6% in the fourth quarter. Bayview Asset Management LLC now owns 85,457 shares of the company’s stock worth $2,597,000 after purchasing an additional 27,957 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock worth $61,751,000 after purchasing an additional 31,575 shares in the last quarter. Finally, Integrity Alliance LLC. bought a new stake in shares of Southside Bancshares during the 4th quarter valued at $322,000. Institutional investors own 55.70% of the company’s stock.

Southside Bancshares Trading Up 0.3%

Southside Bancshares stock opened at $35.02 on Friday. Southside Bancshares, Inc. has a 1 year low of $26.32 and a 1 year high of $35.27. The firm’s 50 day moving average price is $33.12 and its 200-day moving average price is $32.23. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $1.04 billion, a P/E ratio of 14.84 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last issued its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The firm had revenue of $70.28 million during the quarter, compared to analyst estimates of $70.92 million. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%. On average, equities analysts predict that Southside Bancshares, Inc. will post 3.43 earnings per share for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, May 18th. Southside Bancshares’s dividend payout ratio is 61.02%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SBSI. Weiss Ratings raised shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Benchmark initiated coverage on Southside Bancshares in a research report on Wednesday. They issued a “hold” rating on the stock. Finally, Piper Sandler assumed coverage on Southside Bancshares in a research note on Wednesday, April 15th. They issued a “neutral” rating and a $35.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.00.

About Southside Bancshares

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.