Southside Bancshares (NYSE:SBSI) Hits New 52-Week High – Time to Buy?

Southside Bancshares, Inc. (NYSE:SBSI) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $34.70 and last traded at $34.2560, with a volume of 6569 shares changing hands. The stock had previously closed at $34.43.

Analyst Ratings Changes

A number of research analysts recently commented on SBSI shares. Weiss Ratings raised Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Piper Sandler assumed coverage on Southside Bancshares in a research report on Wednesday, April 15th. They issued a “neutral” rating and a $35.00 target price on the stock. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Stock Performance

The stock has a 50 day moving average of $32.83 and a 200 day moving average of $31.97. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 14.36 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The company had revenue of $70.29 million for the quarter, compared to analyst estimates of $70.92 million. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%. As a group, analysts predict that Southside Bancshares, Inc. will post 3.43 EPS for the current year.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.36 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.44 annualized dividend and a yield of 4.2%. Southside Bancshares’s payout ratio is 61.02%.

Hedge Funds Weigh In On Southside Bancshares

Several institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Southside Bancshares by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock worth $494,000 after purchasing an additional 701 shares during the period. Empowered Funds LLC grew its stake in Southside Bancshares by 5.4% in the 1st quarter. Empowered Funds LLC now owns 82,211 shares of the company’s stock valued at $2,381,000 after purchasing an additional 4,198 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Southside Bancshares by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the company’s stock valued at $2,038,000 after purchasing an additional 6,459 shares during the period. Jane Street Group LLC bought a new position in Southside Bancshares in the 1st quarter valued at $1,520,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Southside Bancshares by 30.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the company’s stock valued at $4,207,000 after purchasing an additional 33,443 shares during the period. 55.70% of the stock is owned by institutional investors and hedge funds.

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.