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

Parkway Wealth Management Group LLC cut its holdings in Southside Bancshares, Inc. (NYSE:SBSI) by 20.1% in the first quarter, according to the company in its most recent disclosure with the SEC. 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’s holdings in Southside Bancshares were worth $2,464,000 at the end of the most recent quarter.

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

Southside Bancshares Price Performance

Southside Bancshares stock opened at $35.02 on Friday. Southside Bancshares, Inc. has a 12-month low of $26.32 and a 12-month high of $35.27. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average price of $33.12 and a 200-day moving average price of $32.23. The firm has a market capitalization of $1.04 billion, a PE ratio of 14.84 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last issued 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 company had revenue of $70.28 million for the quarter, compared to the consensus estimate of $70.92 million. As a group, equities research analysts forecast that Southside Bancshares, Inc. will post 3.43 EPS for the current year.

Southside Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

SBSI has been the topic of a number of recent research reports. Weiss Ratings upgraded Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Piper Sandler started coverage on Southside Bancshares in a report on Wednesday, April 15th. They issued a “neutral” rating and a $35.00 target price for the company. Finally, Benchmark assumed coverage on Southside Bancshares in a research report on Wednesday. They set a “hold” rating on the stock. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.00.

Southside Bancshares 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.