Southside Bancshares, Inc. (NYSE:SBSI) Given Average Rating of “Hold” by Brokerages

Southside Bancshares, Inc. (NYSE:SBSI) has been assigned a consensus rating of “Hold” from the seven analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $34.75.

Several equities analysts have recently weighed in on the company. Zacks Research lowered Southside Bancshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Piper Sandler dropped their target price on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday. Weiss Ratings raised shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Stephens set a $37.00 price objective on shares of Southside Bancshares in a research note on Monday. Finally, Benchmark initiated coverage on shares of Southside Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company.

Hedge Funds Weigh In On Southside Bancshares

A number of hedge funds have recently bought and sold shares of the company. Bill Few Associates Inc. raised its stake in Southside Bancshares by 11.5% during the second quarter. Bill Few Associates Inc. now owns 10,444 shares of the company’s stock worth $368,000 after acquiring an additional 1,074 shares during the period. GAMMA Investing LLC boosted its stake in Southside Bancshares by 37.2% in the second quarter. GAMMA Investing LLC now owns 3,379 shares of the company’s stock valued at $119,000 after acquiring an additional 916 shares during the period. Bank of America Corp DE grew its holdings in shares of Southside Bancshares by 6.2% during the first quarter. Bank of America Corp DE now owns 125,339 shares of the company’s stock valued at $3,897,000 after purchasing an additional 7,274 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Southside Bancshares by 224.9% during the first quarter. Empowered Funds LLC now owns 100,298 shares of the company’s stock valued at $3,118,000 after purchasing an additional 69,431 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Southside Bancshares by 75.6% during the 1st quarter. Quantinno Capital Management LP now owns 37,875 shares of the company’s stock worth $1,178,000 after purchasing an additional 16,306 shares during the period. 55.70% of the stock is currently owned by institutional investors and hedge funds.

Southside Bancshares Stock Performance

NYSE:SBSI opened at $32.23 on Friday. The firm has a 50 day simple moving average of $33.87 and a 200-day simple moving average of $32.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.74 and a quick ratio of 0.86. The firm has a market cap of $960.78 million, a PE ratio of 12.69 and a beta of 0.58. Southside Bancshares has a 1-year low of $26.32 and a 1-year high of $36.20.

Southside Bancshares (NYSE:SBSI) last announced its earnings results on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, topping 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 net margin of 16.70% and a return on equity of 11.16%. On average, equities analysts expect that Southside Bancshares will post 3.24 EPS for the current year.

Southside Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $0.36 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.44 dividend on an annualized basis and a yield of 4.5%. Southside Bancshares’s dividend payout ratio is currently 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.