Quantinno Capital Management LP Has $1.18 Million Stock Holdings in Southside Bancshares, Inc. $SBSI

Quantinno Capital Management LP lifted its position in shares of Southside Bancshares, Inc. (NYSE:SBSI) by 75.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,875 shares of the company’s stock after purchasing an additional 16,306 shares during the quarter. Quantinno Capital Management LP owned 0.13% of Southside Bancshares worth $1,178,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Sei Investments Co. bought a new position in shares of Southside Bancshares during the 1st quarter valued at about $640,000. Dimensional Fund Advisors LP increased its stake in Southside Bancshares by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company’s stock worth $43,051,000 after purchasing an additional 7,496 shares in the last quarter. Illinois Municipal Retirement Fund raised its holdings in Southside Bancshares by 6.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 15,479 shares of the company’s stock worth $481,000 after buying an additional 944 shares during the period. Principal Financial Group Inc. lifted its stake in Southside Bancshares by 0.8% in the first quarter. Principal Financial Group Inc. now owns 135,842 shares of the company’s stock valued at $4,223,000 after buying an additional 1,119 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Southside Bancshares by 35,847.8% during the first quarter. Fifth Third Bancorp now owns 16,536 shares of the company’s stock worth $514,000 after acquiring an additional 16,490 shares during the period. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Stock Performance

Shares of NYSE SBSI opened at $32.97 on Friday. The stock has a 50 day moving average price of $33.84 and a 200 day moving average price of $32.78. Southside Bancshares, Inc. has a 52 week low of $26.32 and a 52 week high of $36.20. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market capitalization of $982.84 million, a PE ratio of 12.98 and a beta of 0.60.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The firm had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. Analysts predict that Southside Bancshares, Inc. will post 3.24 earnings per share for the current fiscal year.

Southside Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be paid a $0.37 dividend. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 4.5%. The ex-dividend date is Thursday, August 20th. Southside Bancshares’s dividend payout ratio is currently 56.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Zacks Research cut shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Piper Sandler dropped their price target on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research note on Monday, July 27th. Stephens set a $37.00 price target on Southside Bancshares in a report on Monday, July 27th. Weiss Ratings raised Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Finally, Benchmark initiated coverage on Southside Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Southside Bancshares currently has a consensus rating of “Hold” and an average target price of $34.75.

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.