Southside Bancshares, Inc. (NASDAQ:SBSI) Position Raised by State of Alaska Department of Revenue
State of Alaska Department of Revenue raised its stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 85.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 5,428 shares of the bank’s stock after buying an additional 2,498 shares during the period. State of Alaska Department of Revenue’s holdings in Southside Bancshares were worth $189,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in Southside Bancshares during the first quarter valued at $102,000. US Bancorp DE boosted its position in Southside Bancshares by 52.8% in the first quarter. US Bancorp DE now owns 3,771 shares of the bank’s stock valued at $127,000 after buying an additional 1,303 shares during the period. BNP Paribas Arbitrage SA boosted its position in Southside Bancshares by 12.9% in the first quarter. BNP Paribas Arbitrage SA now owns 5,024 shares of the bank’s stock valued at $169,000 after buying an additional 576 shares during the period. Mason Street Advisors LLC boosted its position in Southside Bancshares by 8.3% in the first quarter. Mason Street Advisors LLC now owns 6,203 shares of the bank’s stock valued at $208,000 after buying an additional 475 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new position in Southside Bancshares during the first quarter valued at $236,000. Institutional investors and hedge funds own 51.41% of the company’s stock.
Southside Bancshares, Inc. (NASDAQ SBSI) traded down 0.58% during midday trading on Monday, reaching $34.07. The company’s stock had a trading volume of 19,260 shares. The firm has a 50 day moving average of $34.90 and a 200 day moving average of $33.93. Southside Bancshares, Inc. has a 52-week low of $29.93 and a 52-week high of $38.04. The firm has a market cap of $999.72 million, a P/E ratio of 17.94 and a beta of 0.78.
Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Friday, July 28th. The bank reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.04. Southside Bancshares had a net margin of 25.30% and a return on equity of 10.42%. The firm had revenue of $44.72 million during the quarter, compared to analyst estimates of $50.40 million. Analysts anticipate that Southside Bancshares, Inc. will post $2.07 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Tuesday, August 15th. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.27. Southside Bancshares’s dividend payout ratio (DPR) is 57.52%.
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Several equities analysts have recently weighed in on SBSI shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $38.00 price objective on shares of Southside Bancshares in a report on Friday, April 28th. BidaskClub cut Southside Bancshares from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Finally, Zacks Investment Research upgraded Southside Bancshares from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective on the stock in a report on Tuesday, May 9th.
In other Southside Bancshares news, Director Alton Cade, Jr. sold 2,950 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $35.31, for a total value of $104,164.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tim Carter sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $34.76, for a total value of $173,800.00. Following the completion of the sale, the insider now directly owns 39,752 shares of the company’s stock, valued at approximately $1,381,779.52. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.
About Southside Bancshares
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services.
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