Southside Bancshares (NYSE:SBSI) Stock Rating Upgraded by Zacks Research

Southside Bancshares (NYSE:SBSI) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

SBSI has been the topic of a number of other research reports. Keefe, Bruyette & Woods lowered their price objective on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Monday, August 3rd. Piper Sandler dropped their price objective on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Stephens set a $37.00 target price on Southside Bancshares in a research report on Monday, July 27th. Weiss Ratings cut Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday. Finally, Benchmark assumed coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Southside Bancshares has an average rating of “Hold” and an average target price of $34.75.

Southside Bancshares Stock Performance

NYSE SBSI opened at $31.16 on Thursday. The firm has a 50-day moving average price of $32.35 and a two-hundred day moving average price of $32.65. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $36.20. The company has a market capitalization of $929.00 million, a P/E ratio of 12.27 and a beta of 0.58. 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 (NYSE:SBSI) last released its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. The company had revenue of $71.34 million during the quarter, compared to the consensus estimate of $75.00 million. Analysts anticipate that Southside Bancshares will post 3.27 earnings per share for the current year.

Institutional Investors Weigh In On Southside Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new position in Southside Bancshares during the 2nd quarter worth approximately $62,000. Integrated Wealth Concepts LLC acquired a new stake in Southside Bancshares in the second quarter valued at approximately $77,000. GAMMA Investing LLC boosted its position in Southside Bancshares by 37.2% in the second quarter. GAMMA Investing LLC now owns 3,379 shares of the company’s stock valued at $119,000 after buying an additional 916 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Southside Bancshares during the second quarter worth $210,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Southside Bancshares during the second quarter worth $310,000. 55.70% of the stock is owned by institutional investors.

About Southside Bancshares

Southside Bancshares, Inc is a Texas-based bank holding company headquartered in Tyler, Texas. Its principal subsidiary, Southside Bank, provides banking and financial services to individuals, businesses, municipalities and other organizations.

Southside Bank offers deposit products such as checking and savings accounts, money market accounts and certificates of deposit, along with commercial, real estate, residential mortgage and consumer lending. The bank also provides treasury management, online and mobile banking, wealth management, trust and investment services, and other financial solutions.

Founded in 1960, Southside Bank serves communities primarily across East, North and Central Texas through banking locations and digital channels.