State Street Corp Sells 74,860 Shares of Southside Bancshares, Inc. (SBSI)
State Street Corp decreased its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI) by 8.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 837,245 shares of the bank’s stock after selling 74,860 shares during the quarter. State Street Corp owned 2.85% of Southside Bancshares worth $29,250,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Hancock Holding Co. lifted its position in Southside Bancshares by 2.5% in the 2nd quarter. Hancock Holding Co. now owns 248,974 shares of the bank’s stock valued at $8,699,000 after acquiring an additional 6,074 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Southside Bancshares in the 2nd quarter valued at about $318,000. Schwab Charles Investment Management Inc. lifted its position in Southside Bancshares by 3.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 121,650 shares of the bank’s stock valued at $4,251,000 after acquiring an additional 4,254 shares in the last quarter. BlackRock Inc. lifted its position in Southside Bancshares by 0.5% in the 2nd quarter. BlackRock Inc. now owns 3,348,158 shares of the bank’s stock valued at $116,987,000 after acquiring an additional 15,123 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Southside Bancshares by 70.3% in the 1st quarter. Bank of America Corp DE now owns 46,138 shares of the bank’s stock valued at $1,549,000 after acquiring an additional 19,051 shares in the last quarter. 51.29% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently weighed in on SBSI. BidaskClub cut shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Piper Jaffray Companies began coverage on shares of Southside Bancshares in a research report on Friday, September 22nd. They issued a “neutral” rating and a $37.00 price target on the stock. Zacks Investment Research cut shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $37.00 price target on shares of Southside Bancshares in a research report on Tuesday, October 3rd.
Southside Bancshares, Inc. (SBSI) opened at $34.02 on Friday. Southside Bancshares, Inc. has a 1 year low of $31.20 and a 1 year high of $38.99. The firm has a market cap of $1,001.31, a PE ratio of 17.84 and a beta of 0.75. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.62 and a quick ratio of 0.62.
Southside Bancshares (NASDAQ:SBSI) last posted its earnings results on Friday, October 27th. The bank reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.05). Southside Bancshares had a return on equity of 10.32% and a net margin of 25.70%. The firm had revenue of $44.37 million for the quarter, compared to the consensus estimate of $51.00 million. equities analysts expect that Southside Bancshares, Inc. will post 2.02 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 3.29%. Southside Bancshares’s dividend payout ratio is currently 58.74%.
In other Southside Bancshares news, COO Brian K. Mccabe sold 1,500 shares of Southside Bancshares stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $33.00, for a total transaction of $49,500.00. Following the transaction, the chief operating officer now owns 16,658 shares of the company’s stock, valued at approximately $549,714. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 17.20% of the stock is owned by company insiders.
Southside Bancshares 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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