Southside Bancshares (NYSE:SBSI) Downgraded by Zacks Research to Strong Sell

Zacks Research downgraded shares of Southside Bancshares (NYSE:SBSI) from a hold rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

SBSI has been the subject of a number of other research reports. Piper Sandler lowered their target price on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Monday. Weiss Ratings raised Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Benchmark began coverage on Southside Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. Finally, Stephens set a $37.00 target price on Southside Bancshares in a research report on Monday. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Southside Bancshares presently has an average rating of “Hold” and a consensus target price of $34.75.

Southside Bancshares Stock Down 1.2%

Shares of NYSE SBSI opened at $32.34 on Tuesday. Southside Bancshares has a 52-week low of $26.32 and a 52-week high of $36.20. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.86 and a current ratio of 0.74. The stock has a market cap of $964.06 million, a P/E ratio of 12.73 and a beta of 0.58. The firm has a 50 day moving average price of $33.88 and a 200 day moving average price of $32.75.

Southside Bancshares (NYSE:SBSI) last posted its earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The firm had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Analysts expect that Southside Bancshares will post 3.24 EPS for the current year.

Southside Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.5%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s dividend payout ratio (DPR) is 56.69%.

Hedge Funds Weigh In On Southside Bancshares

A number of institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Southside Bancshares by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock worth $494,000 after acquiring an additional 701 shares during the period. Empowered Funds LLC increased its holdings in shares of Southside Bancshares by 5.4% in the first quarter. Empowered Funds LLC now owns 82,211 shares of the company’s stock valued at $2,381,000 after purchasing an additional 4,198 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Southside Bancshares by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the company’s stock valued at $2,038,000 after purchasing an additional 6,459 shares during the period. Jane Street Group LLC acquired a new stake in shares of Southside Bancshares during the 1st quarter worth about $1,520,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Southside Bancshares by 30.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the company’s stock valued at $4,207,000 after buying an additional 33,443 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Company Profile

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.