20,043 Shares in Southside Bancshares, Inc. $SBSI Acquired by Ieq Capital LLC

Ieq Capital LLC bought a new position in shares of Southside Bancshares, Inc. (NYSE:SBSI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,043 shares of the company’s stock, valued at approximately $705,000. Ieq Capital LLC owned approximately 0.07% of Southside Bancshares as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after acquiring an additional 867 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Southside Bancshares in the 4th quarter valued at approximately $45,000. CIBC Private Wealth Group LLC bought a new position in Southside Bancshares in the 3rd quarter valued at approximately $45,000. Quadrant Capital Group LLC boosted its position in Southside Bancshares by 4,703.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company’s stock worth $83,000 after buying an additional 2,681 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Southside Bancshares by 927.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock worth $80,000 after acquiring an additional 2,551 shares during the last quarter. 55.70% of the stock is owned by institutional investors.

Southside Bancshares Stock Down 0.6%

Southside Bancshares stock opened at $31.87 on Friday. The firm has a market cap of $950.16 million, a price-to-earnings ratio of 12.55 and a beta of 0.60. Southside Bancshares, Inc. has a 52-week low of $26.32 and a 52-week high of $36.20. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a 50 day moving average price of $33.56 and a two-hundred day moving average price of $32.73.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings data on Friday, July 24th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. The company had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Equities analysts predict that Southside Bancshares, Inc. will post 3.24 EPS for the current year.

Southside Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a $0.37 dividend. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. Southside Bancshares’s dividend payout ratio is 58.27%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SBSI. Zacks Research cut shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Stephens set a $37.00 price objective on shares of Southside Bancshares in a research note on Monday, July 27th. Weiss Ratings lowered Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 20th. Piper Sandler lowered their target price on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods cut their target price on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $34.75.

Southside Bancshares 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.