Southside Bancshares (NASDAQ:SBSI) Price Target Raised to $34.00

Southside Bancshares (NASDAQ:SBSI) had its price target boosted by Hovde Group from $32.00 to $34.00 in a research note published on Monday, MarketBeat Ratings reports. The brokerage currently has a market perform rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods reduced their target price on shares of Southside Bancshares from $32.00 to $31.00 and set a “market perform” rating for the company in a report on Monday, October 27th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Stock Up 1.0%

Shares of Southside Bancshares stock opened at $33.70 on Monday. The firm has a market cap of $1.01 billion, a PE ratio of 11.58 and a beta of 0.64. The business’s 50 day simple moving average is $31.58 and its 200 day simple moving average is $30.09. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. Southside Bancshares has a 52-week low of $25.85 and a 52-week high of $34.37.

Insider Transactions at Southside Bancshares

In other news, Director Herbert C. Buie purchased 1,807 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were purchased at an average cost of $30.68 per share, with a total value of $55,438.76. Following the completion of the transaction, the director owned 389,288 shares of the company’s stock, valued at $11,943,355.84. The trade was a 0.47% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SBSI. Millennium Management LLC lifted its stake in Southside Bancshares by 388.2% in the 3rd quarter. Millennium Management LLC now owns 251,429 shares of the bank’s stock valued at $7,103,000 after purchasing an additional 199,930 shares during the last quarter. Jane Street Group LLC acquired a new position in Southside Bancshares during the first quarter worth approximately $1,520,000. Mackenzie Financial Corp bought a new stake in Southside Bancshares in the third quarter valued at approximately $1,339,000. American Century Companies Inc. lifted its position in shares of Southside Bancshares by 14.8% in the second quarter. American Century Companies Inc. now owns 352,786 shares of the bank’s stock valued at $10,382,000 after buying an additional 45,598 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Southside Bancshares by 16.9% during the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the bank’s stock worth $8,541,000 after acquiring an additional 42,057 shares during the period. 55.70% of the stock is currently owned by institutional investors and hedge funds.

Southside Bancshares Company Profile

Southside Bancshares, Inc is a bank holding company headquartered in Tyler, Texas, and operates through its principal subsidiary, Southside Bank. The company provides a full suite of commercial and retail banking services, including deposit accounts, commercial and consumer loans, mortgage lending, and digital banking solutions designed to meet the needs of individuals, small businesses, and mid-market companies.

Southside Bank’s commercial banking division offers lending and treasury management services to support business growth and operational efficiency.