Southside Bancshares (NYSE:SBSI) Issues Earnings Results, Beats Expectations By $0.04 EPS

Southside Bancshares (NYSE:SBSI) issued its quarterly earnings data on Friday. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04, Zacks reports. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%.

Southside Bancshares Trading Up 1.2%

SBSI stock traded up $0.41 during midday trading on Friday, hitting $34.50. The stock had a trading volume of 45,409 shares, compared to its average volume of 113,265. The firm has a market cap of $1.03 billion, a PE ratio of 14.61 and a beta of 0.58. The company’s 50-day moving average price is $33.83 and its 200 day moving average price is $32.70. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $36.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.74 and a quick ratio of 0.74.

Southside Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Monday, May 18th. Southside Bancshares’s payout ratio is presently 61.02%.

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after buying an additional 867 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Southside Bancshares in the third quarter valued at $45,000. Kestra Advisory Services LLC acquired a new position in Southside Bancshares in the fourth quarter valued at $45,000. Russell Investments Group Ltd. grew its position in Southside Bancshares by 927.6% during the third quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock valued at $80,000 after acquiring an additional 2,551 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in Southside Bancshares by 4,703.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company’s stock worth $83,000 after acquiring an additional 2,681 shares during the last quarter. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SBSI has been the topic of several recent research reports. Piper Sandler assumed coverage on shares of Southside Bancshares in a report on Wednesday, April 15th. They issued a “neutral” rating and a $35.00 price target on the stock. Weiss Ratings raised shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Finally, Benchmark started coverage on Southside Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Southside Bancshares has an average rating of “Hold” and a consensus target price of $35.00.

About Southside Bancshares

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.