Insider Selling: Southside Bancshares (NYSE:SBSI) COO Sells $16,222.68 in Stock

Southside Bancshares, Inc. (NYSE:SBSI) COO John Mitchell Jr. Craddock sold 486 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $33.38, for a total value of $16,222.68. Following the sale, the chief operating officer directly owned 4,871 shares of the company’s stock, valued at $162,593.98. This represents a 9.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Southside Bancshares Trading Up 0.3%

Shares of Southside Bancshares stock opened at $34.01 on Friday. The business has a fifty day simple moving average of $32.77 and a two-hundred day simple moving average of $31.94. Southside Bancshares, Inc. has a 1 year low of $26.32 and a 1 year high of $34.53. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 14.41 and a beta of 0.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.74 and a quick ratio of 0.74.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%.The business had revenue of $70.29 million during the quarter, compared to the consensus estimate of $70.92 million. Research analysts forecast that Southside Bancshares, Inc. will post 3.43 EPS for the current year.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.44 annualized dividend and a yield of 4.2%. Southside Bancshares’s dividend payout ratio (DPR) is currently 61.02%.

Institutional Investors Weigh In On Southside Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Southside Bancshares by 1,083.8% during the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after buying an additional 867 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Southside Bancshares in the fourth quarter worth $45,000. CIBC Private Wealth Group LLC bought a new position in shares of Southside Bancshares in the third quarter worth $45,000. GAMMA Investing LLC increased its position in shares of Southside Bancshares by 26.6% in the fourth quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock worth $55,000 after purchasing an additional 380 shares during the period. Finally, Quadrant Capital Group LLC increased its position in shares of Southside Bancshares by 4,703.5% in the fourth quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company’s stock worth $83,000 after purchasing an additional 2,681 shares during the period. Institutional investors and hedge funds own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Weiss Ratings raised Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Piper Sandler assumed coverage on Southside Bancshares in a report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price target for the company. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

About Southside Bancshares

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.