Renaissance Technologies LLC Has $13.68 Million Stock Position in Southside Bancshares, Inc. $SBSI

Renaissance Technologies LLC lowered its holdings in shares of Southside Bancshares, Inc. (NYSE:SBSI) by 4.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 440,146 shares of the company’s stock after selling 20,300 shares during the period. Renaissance Technologies LLC owned 1.48% of Southside Bancshares worth $13,684,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of SBSI. Captrust Financial Advisors raised its stake in Southside Bancshares by 1.8% in the fourth quarter. Captrust Financial Advisors now owns 36,404 shares of the company’s stock valued at $1,106,000 after buying an additional 640 shares during the period. 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. The Manufacturers Life Insurance Company increased its holdings 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 worth $324,000 after acquiring an additional 706 shares during the last quarter. Polaris Capital Management LLC increased its holdings in shares of Southside Bancshares by 1.2% during the 4th quarter. Polaris Capital Management LLC now owns 62,227 shares of the company’s stock worth $1,891,000 after acquiring an additional 727 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after acquiring an additional 867 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SBSI shares. Stephens set a $37.00 price target on Southside Bancshares in a report on Monday. Piper Sandler decreased their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday. Benchmark initiated coverage on shares of Southside Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating on the stock. Weiss Ratings upgraded shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. Finally, Zacks Research downgraded shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $34.75.

Southside Bancshares Stock Performance

NYSE:SBSI opened at $32.46 on Friday. The stock has a market cap of $967.57 million, a P/E ratio of 12.78 and a beta of 0.58. The stock has a 50 day simple moving average of $33.86 and a 200 day simple moving average of $32.75. The company has a current ratio of 0.74, a quick ratio of 0.86 and a debt-to-equity ratio of 0.71. Southside Bancshares, Inc. has a 1-year low of $26.32 and a 1-year high of $36.20.

Southside Bancshares (NYSE:SBSI) last issued its quarterly earnings data on Friday, July 24th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. Research analysts anticipate that Southside Bancshares, Inc. will post 3.24 earnings per share for the current year.

Southside Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, May 18th. Southside Bancshares’s payout ratio is presently 56.69%.

About Southside Bancshares

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.