Southside Bancshares, Inc. (SBSI) Receives New Coverage from Analysts at Piper Jaffray Companies
Piper Jaffray Companies began coverage on shares of Southside Bancshares, Inc. (NASDAQ:SBSI) in a research report report published on Friday. The brokerage issued a neutral rating and a $37.00 price target on the bank’s stock.
SBSI has been the subject of a number of other research reports. BidaskClub lowered Southside Bancshares from a sell rating to a strong sell rating in a research report on Saturday, August 12th. Zacks Investment Research upgraded Southside Bancshares from a sell rating to a hold rating in a research report on Saturday, August 26th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $38.00 price target on shares of Southside Bancshares in a research report on Tuesday, August 29th.
Southside Bancshares (NASDAQ SBSI) traded down 0.03% during midday trading on Friday, reaching $33.80. The company’s stock had a trading volume of 84,251 shares. Southside Bancshares has a 1-year low of $30.47 and a 1-year high of $38.08. The company has a market capitalization of $991.79 million, a price-to-earnings ratio of 17.80 and a beta of 0.78. The company’s 50-day moving average price is $33.03 and its 200-day moving average price is $33.55.
Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings results on Friday, July 28th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.04). Southside Bancshares had a return on equity of 10.42% and a net margin of 25.30%. The business had revenue of $44.72 million for the quarter, compared to analyst estimates of $50.40 million. On average, analysts predict that Southside Bancshares will post $2.07 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Tuesday, August 15th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.27. Southside Bancshares’s payout ratio is 59.11%.
In other news, COO Brian K. Mccabe sold 1,500 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $33.00, for a total value of $49,500.00. Following the completion of the sale, the chief operating officer now owns 16,658 shares in the company, valued at $549,714. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tim Carter sold 7,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $33.95, for a total value of $237,650.00. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in SBSI. Teachers Advisors LLC lifted its holdings in shares of Southside Bancshares by 8.0% in the fourth quarter. Teachers Advisors LLC now owns 47,113 shares of the bank’s stock valued at $1,775,000 after buying an additional 3,484 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Southside Bancshares by 1.3% in the first quarter. Wells Fargo & Company MN now owns 44,845 shares of the bank’s stock valued at $1,506,000 after buying an additional 595 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Southside Bancshares by 3.9% in the first quarter. Great West Life Assurance Co. Can now owns 36,669 shares of the bank’s stock valued at $1,230,000 after buying an additional 1,376 shares during the period. First Trust Advisors LP lifted its holdings in shares of Southside Bancshares by 23.7% in the first quarter. First Trust Advisors LP now owns 104,938 shares of the bank’s stock valued at $3,523,000 after buying an additional 20,074 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of 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. Institutional investors and hedge funds own 51.45% of the company’s stock.
Southside Bancshares Company Profile
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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