BidaskClub cut shares of Southside Bancshares, Inc. (NASDAQ:SBSI) from a sell rating to a strong sell rating in a report published on Saturday morning.

SBSI has been the subject of a number of other reports. Keefe, Bruyette & Woods reissued a hold rating and issued a $38.00 target price on shares of Southside Bancshares in a research report on Friday, April 28th. Zacks Investment Research raised Southside Bancshares from a hold rating to a strong-buy rating and set a $41.00 target price for the company in a research report on Tuesday, May 9th.

Southside Bancshares (SBSI) traded down 0.55% during midday trading on Friday, hitting $32.78. The company had a trading volume of 77,533 shares. The firm has a 50-day moving average price of $34.72 and a 200-day moving average price of $33.87. The company has a market cap of $961.86 million, a price-to-earnings ratio of 17.26 and a beta of 0.78. Southside Bancshares has a 12 month low of $29.93 and a 12 month high of $38.04.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Friday, July 28th. The bank reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by $0.04. Southside Bancshares had a net margin of 25.30% and a return on equity of 10.42%. The business had revenue of $44.72 million during the quarter, compared to analysts’ expectations of $50.40 million. Equities analysts anticipate that Southside Bancshares will post $2.07 EPS for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be given a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.42%. Southside Bancshares’s dividend payout ratio is 57.52%.

In related news, Director Alton Cade, Jr. sold 2,950 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $35.31, for a total value of $104,164.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tim Carter sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $34.76, for a total value of $173,800.00. Following the completion of the sale, the insider now directly owns 39,752 shares of the company’s stock, valued at $1,381,779.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,950 shares of company stock valued at $515,615. Insiders own 17.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in shares of Southside Bancshares during the first quarter worth about $102,000. US Bancorp DE boosted its stake in shares of Southside Bancshares by 52.8% in the first quarter. US Bancorp DE now owns 3,771 shares of the bank’s stock worth $127,000 after buying an additional 1,303 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Southside Bancshares by 12.9% in the first quarter. BNP Paribas Arbitrage SA now owns 5,024 shares of the bank’s stock worth $169,000 after buying an additional 576 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Southside Bancshares by 85.3% in the second quarter. State of Alaska Department of Revenue now owns 5,428 shares of the bank’s stock worth $189,000 after buying an additional 2,498 shares during the period. Finally, Pitcairn Co. purchased a new stake in shares of Southside Bancshares during the second quarter worth about $207,000. 51.41% of the stock is owned by hedge funds and other institutional investors.

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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