Southside Bancshares (NYSE:SBSI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Southside Bancshares (NYSE:SBSI) from a hold rating to a buy rating in a research report report published on Saturday,Wall Street Zen reports.

Several other equities analysts have also recently weighed in on SBSI. Weiss Ratings cut shares of Southside Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, October 12th. Stephens set a $37.00 target price on Southside Bancshares in a report on Monday, July 27th. Piper Sandler decreased their target price on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Zacks Research upgraded Southside Bancshares from a “strong sell” rating to a “hold” rating in a report on Thursday, September 24th. Finally, Keefe, Bruyette & Woods lowered their price target on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Southside Bancshares has a consensus rating of “Hold” and a consensus target price of $34.75.

Southside Bancshares Price Performance

Shares of NYSE:SBSI opened at $35.51 on Friday. Southside Bancshares has a one year low of $27.59 and a one year high of $36.20. The company has a market capitalization of $1.06 billion, a PE ratio of 10.73 and a beta of 0.61. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a fifty day moving average of $31.45 and a 200-day moving average of $32.41.

Southside Bancshares (NYSE:SBSI) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.14. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. The firm had revenue of $76.14 million for the quarter, compared to analysts’ expectations of $72.67 million. As a group, equities analysts anticipate that Southside Bancshares will post 3.45 EPS for the current fiscal year.

Southside Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Thursday, August 20th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. Southside Bancshares’s payout ratio is currently 44.71%.

Institutional Investors Weigh In On Southside Bancshares

A number of institutional investors have recently modified their holdings of the stock. Vise Technologies Inc. purchased a new stake in shares of Southside Bancshares during the 3rd quarter worth about $220,000. Pinnacle Associates Ltd. lifted its holdings in shares of Southside Bancshares by 4.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 43,398 shares of the company’s stock valued at $1,305,000 after buying an additional 1,824 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Southside Bancshares by 14.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,723 shares of the company’s stock valued at $82,000 after buying an additional 341 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Southside Bancshares in the 3rd quarter valued at approximately $30,000. Finally, Bill Few Associates Inc. grew its stake in shares of Southside Bancshares by 4.6% in the 3rd quarter. Bill Few Associates Inc. now owns 10,926 shares of the company’s stock valued at $329,000 after buying an additional 482 shares in 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 Texas-based financial holding company and the parent company of Southside Bank. Founded in 1960 and headquartered in Tyler, Texas, the company provides banking and financial services to individuals, businesses, and institutions.

Southside Bank offers a range of deposit products, including checking, savings, money market, and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction financing, commercial and industrial loans, consumer loans, and other forms of business credit.

The bank also provides treasury management, online and mobile banking, wealth management, trust and fiduciary services, and other financial solutions.