Southside Bancshares (NYSE:SBSI) Hits New 12-Month High – What’s Next?

Southside Bancshares, Inc. (NYSE:SBSI) shares reached a new 52-week high on Wednesday . The stock traded as high as $34.81 and last traded at $34.5910, with a volume of 16800 shares traded. The stock had previously closed at $34.49.

Analyst Ratings Changes

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

Southside Bancshares Trading Up 0.3%

The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $1.04 billion, a P/E ratio of 14.84 and a beta of 0.58. The firm has a 50 day simple moving average of $33.12 and a 200 day simple moving average of $32.23.

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

Southside Bancshares Dividend Announcement

The company also recently declared 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. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s payout ratio is 61.02%.

Institutional Investors Weigh In On Southside Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Southside Bancshares by 26.6% during the fourth quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock worth $55,000 after buying an additional 380 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Southside Bancshares by 1.8% in the 4th quarter. Captrust Financial Advisors now owns 36,404 shares of the company’s stock valued at $1,106,000 after acquiring an additional 640 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 valued at $494,000 after acquiring an additional 701 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Southside Bancshares by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company’s stock valued at $324,000 after acquiring an additional 706 shares during the last quarter. Finally, Polaris Capital Management LLC grew its holdings in shares of Southside Bancshares by 1.2% during the fourth quarter. Polaris Capital Management LLC now owns 62,227 shares of the company’s stock worth $1,891,000 after purchasing an additional 727 shares in the last quarter. 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.