Southside Bancshares (NASDAQ:SBSI) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Several other analysts also recently commented on SBSI. Zacks Investment Research downgraded Southside Bancshares from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 17th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $37.00 price objective on shares of Southside Bancshares in a research note on Friday, July 27th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Southside Bancshares presently has a consensus rating of “Hold” and a consensus target price of $38.00.

SBSI stock opened at $36.13 on Wednesday. Southside Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $37.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $1.30 billion, a P/E ratio of 19.12 and a beta of 0.77.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings results on Friday, July 27th. The bank reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.02). The firm had revenue of $54.12 million for the quarter, compared to analyst estimates of $57.36 million. Southside Bancshares had a return on equity of 9.07% and a net margin of 24.55%. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company posted $0.49 earnings per share. equities research analysts forecast that Southside Bancshares will post 2.27 earnings per share for the current year.

In other news, COO Brian K. Mccabe sold 1,670 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $36.81, for a total value of $61,472.70. Following the completion of the sale, the chief operating officer now directly owns 17,706 shares of the company’s stock, valued at $651,757.86. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Timothy F. Alexander sold 16,007 shares of the stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $35.36, for a total value of $566,007.52. Following the completion of the sale, the insider now directly owns 11,780 shares of the company’s stock, valued at $416,540.80. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SBSI. Wells Fargo & Company MN grew its holdings in shares of Southside Bancshares by 7.6% in the first quarter. Wells Fargo & Company MN now owns 103,271 shares of the bank’s stock valued at $3,587,000 after acquiring an additional 7,250 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of Southside Bancshares in the first quarter valued at approximately $483,000. Victory Capital Management Inc. grew its holdings in shares of Southside Bancshares by 26.4% in the first quarter. Victory Capital Management Inc. now owns 31,510 shares of the bank’s stock valued at $1,095,000 after acquiring an additional 6,581 shares in the last quarter. Swiss National Bank grew its holdings in shares of Southside Bancshares by 4.1% in the first quarter. Swiss National Bank now owns 48,618 shares of the bank’s stock valued at $1,689,000 after acquiring an additional 1,900 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Southside Bancshares by 3.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 141,459 shares of the bank’s stock valued at $4,915,000 after acquiring an additional 4,425 shares in the last quarter. 48.04% of the stock is owned by institutional investors.

About Southside Bancshares

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposit.

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