UBS Group AG Lowers Position in Southside Bancshares, Inc. $SBSI

UBS Group AG cut its stake in shares of Southside Bancshares, Inc. (NYSE:SBSI) by 49.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 195,369 shares of the company’s stock after selling 192,156 shares during the period. UBS Group AG’s holdings in Southside Bancshares were worth $5,937,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock valued at $61,751,000 after purchasing an additional 31,575 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Southside Bancshares by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,382,523 shares of the company’s stock worth $39,056,000 after acquiring an additional 5,237 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Southside Bancshares by 16.9% in the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the company’s stock valued at $8,541,000 after purchasing an additional 42,057 shares during the last quarter. Millennium Management LLC lifted its stake in Southside Bancshares by 388.2% in the third quarter. Millennium Management LLC now owns 251,429 shares of the company’s stock valued at $7,103,000 after buying an additional 199,930 shares during the last quarter. Finally, Two Sigma Investments LP boosted its stake in Southside Bancshares by 13.8% during the 3rd quarter. Two Sigma Investments LP now owns 152,603 shares of the company’s stock worth $4,311,000 after purchasing an additional 18,462 shares during the period. 55.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SBSI shares. Keefe, Bruyette & Woods lifted their target price on Southside Bancshares from $31.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, February 2nd. Weiss Ratings raised shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Hovde Group raised their price target on Southside Bancshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Monday, February 2nd. Piper Sandler initiated coverage on shares of Southside Bancshares in a research note on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price objective for the company. Finally, Wall Street Zen raised shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Southside Bancshares has an average rating of “Hold” and an average target price of $35.00.

Southside Bancshares Price Performance

Shares of Southside Bancshares stock opened at $32.70 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.66. Southside Bancshares, Inc. has a twelve month low of $26.32 and a twelve month high of $34.53. The stock has a market capitalization of $972.98 million, a P/E ratio of 13.86 and a beta of 0.59. The business’s fifty day moving average price is $31.91 and its 200 day moving average price is $31.44.

Southside Bancshares (NYSE:SBSI) last posted its 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. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%. The firm had revenue of $70.29 million during the quarter, compared to the consensus estimate of $70.92 million. As a group, research analysts anticipate that Southside Bancshares, Inc. will post 3.43 earnings per share for the current year.

Southside Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be paid a $0.36 dividend. The ex-dividend date is Monday, May 18th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.4%. Southside Bancshares’s dividend payout ratio (DPR) is 61.02%.

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.