Keefe, Bruyette & Woods Lowers Southside Bancshares (NYSE:SBSI) Price Target to $35.00

Southside Bancshares (NYSE:SBSI) had its target price lowered by stock analysts at Keefe, Bruyette & Woods from $37.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 7.15% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Zacks Research downgraded Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. 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 note on Monday, July 27th. Stephens set a $37.00 price objective on shares of Southside Bancshares in a report on Monday, July 27th. Benchmark initiated coverage on Southside Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. Finally, Weiss Ratings raised shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $34.75.

Southside Bancshares Trading Up 0.5%

Shares of SBSI traded up $0.15 during trading hours on Monday, hitting $32.66. The company had a trading volume of 36,469 shares, compared to its average volume of 116,663. The stock’s 50 day moving average price is $33.86 and its 200 day moving average price is $32.76. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.71. Southside Bancshares has a 52-week low of $26.32 and a 52-week high of $36.20. The firm has a market cap of $973.68 million, a P/E ratio of 12.86 and a beta of 0.58.

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

Hedge Funds Weigh In On Southside Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors lifted its holdings in shares of Southside Bancshares by 1.8% in the fourth quarter. Captrust Financial Advisors now owns 36,404 shares of the company’s stock valued at $1,106,000 after buying an additional 640 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Southside Bancshares by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock worth $494,000 after purchasing an additional 701 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Southside Bancshares by 6.8% during the second quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company’s stock valued at $324,000 after buying an additional 706 shares in the last quarter. Polaris Capital Management LLC lifted its stake in shares of Southside Bancshares by 1.2% in the fourth quarter. Polaris Capital Management LLC now owns 62,227 shares of the company’s stock worth $1,891,000 after buying an additional 727 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Southside Bancshares by 1,083.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock valued at $28,000 after buying an additional 867 shares during the last quarter. Institutional investors own 55.70% of the company’s stock.

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.