Southside Bancshares (NASDAQ:SBSI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

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. “

Several other analysts also recently issued reports on SBSI. BidaskClub downgraded Southside Bancshares from a “buy” rating to a “hold” rating in a report on Thursday, May 3rd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $37.00 price target on shares of Southside Bancshares in a report on Friday, July 27th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $38.00.

Shares of NASDAQ SBSI opened at $35.32 on Wednesday. The company has a market capitalization of $1.24 billion, a P/E ratio of 18.68 and a beta of 0.75. Southside Bancshares has a 12-month low of $31.20 and a 12-month high of $37.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.66 and a current ratio of 0.66.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings results on Friday, July 27th. The bank reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.02). The company had revenue of $54.12 million during the quarter, compared to the consensus estimate of $57.36 million. Southside Bancshares had a return on equity of 9.07% and a net margin of 24.55%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period last year, the business posted $0.49 EPS. research analysts forecast that Southside Bancshares will post 2.27 earnings per share for the current year.

In other Southside Bancshares news, insider Timothy F. Alexander sold 16,007 shares of Southside Bancshares stock in a transaction on Monday, August 27th. The stock was sold at an average price of $35.36, for a total transaction of $566,007.52. Following the sale, the insider now owns 11,780 shares of the company’s stock, valued at approximately $416,540.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.20% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in Southside Bancshares during the 2nd quarter valued at $227,000. BlueMountain Capital Management LLC raised its stake in Southside Bancshares by 213.9% during the 2nd quarter. BlueMountain Capital Management LLC now owns 7,117 shares of the bank’s stock valued at $240,000 after acquiring an additional 4,850 shares in the last quarter. Pitcairn Co. bought a new stake in Southside Bancshares during the 1st quarter valued at $261,000. US Bancorp DE raised its stake in Southside Bancshares by 27.4% during the 2nd quarter. US Bancorp DE now owns 8,081 shares of the bank’s stock valued at $272,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Barclays PLC raised its stake in Southside Bancshares by 108.5% during the 1st quarter. Barclays PLC now owns 9,166 shares of the bank’s stock valued at $319,000 after acquiring an additional 4,770 shares in the last quarter. 48.04% of the stock is currently owned by hedge funds and other institutional investors.

About Southside Bancshares

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposit.

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