Zacks Investment Research cut shares of Southside Bancshares (NASDAQ:SBSI) from a hold rating to a sell rating in a research note released on Thursday.

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. “

Separately, BidaskClub upgraded Southside Bancshares from a sell rating to a hold rating in a research report on Tuesday, November 20th.

Shares of NASDAQ:SBSI opened at $33.02 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $1.16 billion, a P/E ratio of 15.65 and a beta of 0.82. Southside Bancshares has a fifty-two week low of $29.28 and a fifty-two week high of $37.32.

Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, February 1st. The bank reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.08). The company had revenue of $52.54 million during the quarter, compared to analysts’ expectations of $55.50 million. Southside Bancshares had a return on equity of 9.94% and a net margin of 27.47%. Southside Bancshares’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.33 earnings per share. On average, analysts expect that Southside Bancshares will post 2.27 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 7th. Stockholders of record on Thursday, February 21st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Wednesday, February 20th. Southside Bancshares’s payout ratio is 56.87%.

In other Southside Bancshares news, Director Tony K. Morgan acquired 1,000 shares of the business’s stock in a transaction dated Monday, December 10th. The stock was bought at an average price of $31.85 per share, with a total value of $31,850.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue boosted its stake in Southside Bancshares by 3.8% in the fourth quarter. State of Alaska Department of Revenue now owns 11,083 shares of the bank’s stock worth $351,000 after buying an additional 404 shares in the last quarter. SG Americas Securities LLC boosted its stake in Southside Bancshares by 43.1% in the fourth quarter. SG Americas Securities LLC now owns 5,475 shares of the bank’s stock worth $174,000 after buying an additional 1,648 shares in the last quarter. Teachers Advisors LLC boosted its stake in Southside Bancshares by 3.5% in the third quarter. Teachers Advisors LLC now owns 61,796 shares of the bank’s stock worth $2,151,000 after buying an additional 2,061 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Southside Bancshares by 17.8% in the third quarter. Louisiana State Employees Retirement System now owns 14,570 shares of the bank’s stock worth $507,000 after buying an additional 2,200 shares in the last quarter. Finally, Comerica Bank boosted its stake in Southside Bancshares by 8.4% in the third quarter. Comerica Bank now owns 32,309 shares of the bank’s stock worth $1,009,000 after buying an additional 2,514 shares in the last quarter. 51.62% of the stock is owned by institutional investors and hedge funds.

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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