Southside Bancshares (NYSE:SBSI) CAO April Pinkley Sells 6,724 Shares of Stock

Southside Bancshares, Inc. (NYSE:SBSI) CAO April Pinkley sold 6,724 shares of Southside Bancshares stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $36.00, for a total value of $242,064.00. Following the completion of the sale, the chief accounting officer directly owned 4,393 shares of the company’s stock, valued at $158,148. The trade was a 60.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Southside Bancshares Stock Performance

Southside Bancshares stock traded down $0.55 during mid-day trading on Friday, reaching $33.81. 37,677 shares of the stock traded hands, compared to its average volume of 124,132. Southside Bancshares, Inc. has a 12-month low of $28.04 and a 12-month high of $36.35. The business’s 50-day moving average is $31.63 and its 200-day moving average is $32.45. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $1.01 billion, a PE ratio of 10.22 and a beta of 0.57.

Southside Bancshares (NYSE:SBSI) last announced its earnings results on Thursday, October 29th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.14. The business had revenue of $76.14 million for the quarter, compared to analysts’ expectations of $72.67 million. Southside Bancshares had a return on equity of 11.58% and a net margin of 21.48%. As a group, sell-side analysts predict that Southside Bancshares, Inc. will post 3.45 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Wednesday, November 25th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Wednesday, November 25th. Southside Bancshares’s dividend payout ratio is 44.71%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SBSI. Fortitude Family Office LLC bought a new position in shares of Southside Bancshares during the 3rd quarter valued at approximately $30,000. Public Employees Retirement System of Ohio bought a new stake in Southside Bancshares during the 2nd quarter worth approximately $62,000. Integrated Wealth Concepts LLC bought a new stake in Southside Bancshares during the 2nd quarter worth approximately $77,000. Nisa Investment Advisors LLC raised its stake in Southside Bancshares by 14.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,723 shares of the company’s stock worth $82,000 after acquiring an additional 341 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in Southside Bancshares by 55.4% during the third quarter. Farther Finance Advisors LLC now owns 3,004 shares of the company’s stock valued at $90,000 after purchasing an additional 1,071 shares in the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SBSI. Keefe, Bruyette & Woods cut their target price on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research report on Monday, August 3rd. Piper Sandler reduced their target price on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Weiss Ratings upgraded shares of Southside Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 30th. Wall Street Zen upgraded shares of Southside Bancshares from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Finally, Zacks Research upgraded shares of Southside Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.75.

About Southside Bancshares

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.