Southside Bancshares (NYSE:SBSI) Downgraded by Zacks Research to Strong Sell

Southside Bancshares (NYSE:SBSI) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. Stephens set a $37.00 target price on shares of Southside Bancshares in a research report on Monday. Piper Sandler cut their price target on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday. Weiss Ratings upgraded Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. Finally, Benchmark initiated coverage on Southside Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $34.75.

Southside Bancshares Stock Performance

SBSI opened at $32.34 on Tuesday. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $36.20. The company has a current ratio of 0.74, a quick ratio of 0.86 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $964.06 million, a PE ratio of 12.73 and a beta of 0.58. The firm has a 50 day moving average of $33.88 and a two-hundred day moving average of $32.75.

Southside Bancshares (NYSE:SBSI) last released its quarterly earnings data on Friday, July 24th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.86 by $0.04. The business had revenue of $71.34 million for the quarter, compared to the consensus estimate of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. On average, analysts anticipate that Southside Bancshares will post 3.24 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Southside Bancshares during the 4th quarter valued at about $465,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Southside Bancshares during the fourth quarter worth approximately $1,260,000. Vanguard Group Inc. grew its holdings in Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock valued at $61,751,000 after purchasing an additional 31,575 shares during the period. Bayview Asset Management LLC grew its holdings in Southside Bancshares by 48.6% in the fourth quarter. Bayview Asset Management LLC now owns 85,457 shares of the company’s stock valued at $2,597,000 after purchasing an additional 27,957 shares during the period. Finally, Fifth Third Bancorp increased its position in shares of Southside Bancshares by 35,847.8% in the first quarter. Fifth Third Bancorp now owns 16,536 shares of the company’s stock valued at $514,000 after buying an additional 16,490 shares in the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Company Profile

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.