John Mitchell Jr. Craddock Sells 486 Shares of Southside Bancshares (NYSE:SBSI) Stock

Southside Bancshares, Inc. (NYSE:SBSI) COO John Mitchell Jr. Craddock sold 486 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $33.38, for a total transaction of $16,222.68. Following the completion of the transaction, the chief operating officer directly owned 4,871 shares of the company’s stock, valued at approximately $162,593.98. The trade was a 9.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Southside Bancshares Stock Up 1.1%

Shares of NYSE:SBSI opened at $34.03 on Thursday. The firm has a fifty day moving average price of $32.71 and a two-hundred day moving average price of $31.90. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.74 and a quick ratio of 0.74. Southside Bancshares, Inc. has a one year low of $26.32 and a one year high of $34.53. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 14.42 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%. The firm had revenue of $70.29 million during the quarter, compared to the consensus estimate of $70.92 million. Analysts anticipate that Southside Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a dividend of $0.36 per share. The ex-dividend date was Monday, May 18th. This represents a $1.44 annualized dividend and a dividend yield of 4.2%. Southside Bancshares’s dividend payout ratio (DPR) is 61.02%.

Analyst Upgrades and Downgrades

SBSI has been the topic of several research reports. Piper Sandler initiated coverage on shares of Southside Bancshares in a research report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price objective on the stock. Weiss Ratings upgraded shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.00.

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Southside Bancshares by 1.6% in the 4th 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 during the period. Dimensional Fund Advisors LP raised its position in Southside Bancshares by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company’s stock worth $43,051,000 after purchasing an additional 7,496 shares during the period. State Street Corp raised its position in Southside Bancshares by 0.6% in the 4th quarter. State Street Corp now owns 1,308,609 shares of the company’s stock worth $39,769,000 after purchasing an additional 7,706 shares during the period. Charles Schwab Investment Management Inc. raised its position in Southside Bancshares by 10.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 405,877 shares of the company’s stock worth $12,335,000 after purchasing an additional 37,253 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Southside Bancshares by 11.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 351,713 shares of the company’s stock worth $10,689,000 after purchasing an additional 36,675 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. 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.