Southside Bancshares, Inc. (NASDAQ:SBSI) to Issue Dividend Increase – $0.28 Per Share
Southside Bancshares, Inc. (NASDAQ:SBSI) declared a quarterly dividend on Friday, August 4th, Wall Street Journal reports. Investors of record on Thursday, August 17th will be paid a dividend of 0.28 per share by the bank on Thursday, August 31st. This represents a $1.12 annualized dividend and a yield of 3.27%. The ex-dividend date is Tuesday, August 15th. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.27.
Southside Bancshares has increased its dividend by an average of 5.8% annually over the last three years and has increased its dividend annually for the last 19 consecutive years. Southside Bancshares has a dividend payout ratio of 51.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Southside Bancshares to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 48.3%.
Shares of Southside Bancshares (NASDAQ SBSI) traded up 0.35% on Friday, reaching $34.27. 83,952 shares of the company traded hands. The company has a market capitalization of $1.01 billion, a P/E ratio of 18.05 and a beta of 0.78. Southside Bancshares has a one year low of $29.75 and a one year high of $38.04. The firm’s 50 day moving average is $34.90 and its 200 day moving average is $33.93.
Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings results on Friday, July 28th. The bank reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.04. Southside Bancshares had a net margin of 25.30% and a return on equity of 10.42%. The firm had revenue of $44.72 million for the quarter, compared to analyst estimates of $50.40 million. Analysts expect that Southside Bancshares will post $2.07 earnings per share for the current fiscal year.
SBSI has been the subject of a number of research analyst reports. BidaskClub downgraded Southside Bancshares from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Zacks Investment Research upgraded Southside Bancshares from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a report on Tuesday, May 9th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $38.00 price objective on shares of Southside Bancshares in a report on Friday, April 28th.
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In other news, insider Tim Carter sold 5,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $34.76, for a total transaction of $173,800.00. Following the transaction, the insider now owns 39,752 shares of the company’s stock, valued at approximately $1,381,779.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alton Cade, Jr. sold 2,950 shares of the company’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $35.31, for a total value of $104,164.50. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.
Southside Bancshares Company Profile
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services.
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