Southside Bancshares, Inc. to Issue Quarterly Dividend of $0.34 (NASDAQ:SBSI)

Southside Bancshares, Inc. (NASDAQ:SBSIGet Rating) declared a quarterly dividend on Thursday, August 4th, Zacks reports. Shareholders of record on Thursday, August 18th will be paid a dividend of 0.34 per share by the bank on Thursday, September 1st. This represents a $1.36 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Wednesday, August 17th.

Southside Bancshares has a dividend payout ratio of 40.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Southside Bancshares to earn $3.37 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 40.4%.

Southside Bancshares Stock Performance

Shares of SBSI stock traded up $0.47 on Friday, hitting $39.89. 52,427 shares of the stock were exchanged, compared to its average volume of 67,104. The company has a current ratio of 0.64, a quick ratio of 0.66 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.28 billion, a PE ratio of 11.94 and a beta of 0.57. Southside Bancshares has a one year low of $35.44 and a one year high of $45.36. The firm’s 50 day moving average is $38.23 and its two-hundred day moving average is $39.85.

Southside Bancshares (NASDAQ:SBSIGet Rating) last issued its quarterly earnings data on Monday, July 25th. The bank reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.03. Southside Bancshares had a return on equity of 13.17% and a net margin of 40.84%. During the same quarter in the previous year, the business posted $0.65 EPS. Sell-side analysts expect that Southside Bancshares will post 3.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Stephens raised their price objective on Southside Bancshares to $43.00 in a report on Tuesday, July 26th. Piper Sandler cut their price objective on Southside Bancshares to $41.00 in a research report on Monday, July 4th.

Insider Transactions at Southside Bancshares

In other news, insider Cindy Blackstone sold 2,005 shares of the business’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $39.44, for a total value of $79,077.20. Following the completion of the transaction, the insider now owns 2,021 shares in the company, valued at $79,708.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.70% of the company’s stock.

Institutional Trading of Southside Bancshares

Several large investors have recently modified their holdings of SBSI. MetLife Investment Management LLC boosted its stake in shares of Southside Bancshares by 53.7% in the first quarter. MetLife Investment Management LLC now owns 17,437 shares of the bank’s stock worth $712,000 after acquiring an additional 6,090 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Southside Bancshares by 14.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,891 shares of the bank’s stock valued at $1,139,000 after purchasing an additional 3,497 shares during the period. Citigroup Inc. grew its stake in shares of Southside Bancshares by 13.5% during the first quarter. Citigroup Inc. now owns 28,795 shares of the bank’s stock valued at $1,176,000 after buying an additional 3,423 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in shares of Southside Bancshares by 2.5% during the first quarter. Great West Life Assurance Co. Can now owns 28,956 shares of the bank’s stock valued at $1,210,000 after buying an additional 720 shares during the last quarter. Finally, Captrust Financial Advisors grew its stake in shares of Southside Bancshares by 3.1% during the first quarter. Captrust Financial Advisors now owns 35,904 shares of the bank’s stock valued at $1,466,000 after buying an additional 1,072 shares during the last quarter. Institutional investors own 51.25% of the company’s stock.

About Southside Bancshares

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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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Dividend History for Southside Bancshares (NASDAQ:SBSI)

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