Southside Bancshares, Inc. (SBSI) Upgraded to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Southside Bancshares, Inc. (NASDAQ:SBSI) from a sell rating to a hold rating in a report published on Saturday morning.
According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “
A number of other equities research analysts also recently issued reports on SBSI. Keefe, Bruyette & Woods reiterated a hold rating and issued a $38.00 target price on shares of Southside Bancshares in a research report on Friday, April 28th. BidaskClub downgraded shares of Southside Bancshares from a hold rating to a sell rating in a research report on Sunday, July 16th.
Shares of Southside Bancshares (NASDAQ SBSI) opened at 32.80 on Friday. Southside Bancshares has a 52-week low of $30.44 and a 52-week high of $38.04. The stock has a 50 day moving average price of $34.16 and a 200-day moving average price of $33.74. The stock has a market capitalization of $962.45 million, a price-to-earnings ratio of 17.27 and a beta of 0.78.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, July 28th. The bank reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by $0.04. The firm had revenue of $44.72 million during the quarter, compared to analysts’ expectations of $50.40 million. Southside Bancshares had a net margin of 25.30% and a return on equity of 10.42%. On average, equities research analysts predict that Southside Bancshares will post $2.07 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be given a $0.28 dividend. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, August 15th. This represents a $1.12 dividend on an annualized basis and a yield of 3.41%. Southside Bancshares’s dividend payout ratio is presently 59.11%.
In other Southside Bancshares news, insider Tim Carter sold 7,000 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $33.95, for a total value of $237,650.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alton Cade, Jr. sold 2,950 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $35.31, for a total transaction of $104,164.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,950 shares of company stock valued at $515,615. Insiders own 17.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in SBSI. Teachers Advisors LLC increased its stake in Southside Bancshares by 8.0% in the fourth quarter. Teachers Advisors LLC now owns 47,113 shares of the bank’s stock worth $1,775,000 after buying an additional 3,484 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Southside Bancshares by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the bank’s stock worth $363,000 after buying an additional 300 shares during the last quarter. Fisher Asset Management LLC increased its stake in Southside Bancshares by 42.5% in the first quarter. Fisher Asset Management LLC now owns 57,277 shares of the bank’s stock worth $1,923,000 after buying an additional 17,081 shares during the last quarter. ProShare Advisors LLC increased its stake in Southside Bancshares by 17.3% in the first quarter. ProShare Advisors LLC now owns 180,576 shares of the bank’s stock worth $6,062,000 after buying an additional 26,691 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Southside Bancshares by 1.3% in the first quarter. Wells Fargo & Company MN now owns 44,845 shares of the bank’s stock worth $1,506,000 after buying an additional 595 shares during the last quarter. Institutional investors own 51.45% of the company’s stock.
About Southside Bancshares
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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