Legal & General Group Plc Buys New Position in Southside Bancshares, Inc. $SBSI

Legal & General Group Plc acquired a new position in Southside Bancshares, Inc. (NYSE:SBSI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 60,698 shares of the company’s stock, valued at approximately $2,134,000. Legal & General Group Plc owned 0.20% of Southside Bancshares as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SBSI. Quantinno Capital Management LP grew its position in Southside Bancshares by 75.6% in the first quarter. Quantinno Capital Management LP now owns 37,875 shares of the company’s stock worth $1,178,000 after acquiring an additional 16,306 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Southside Bancshares by 35,847.8% in the 1st quarter. Fifth Third Bancorp now owns 16,536 shares of the company’s stock valued at $514,000 after purchasing an additional 16,490 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Southside Bancshares by 224.9% in the 1st quarter. Empowered Funds LLC now owns 100,298 shares of the company’s stock worth $3,118,000 after purchasing an additional 69,431 shares during the period. Deutsche Bank AG purchased a new position in shares of Southside Bancshares in the 2nd quarter worth approximately $1,106,000. Finally, Sei Investments Co. bought a new position in shares of Southside Bancshares during the 1st quarter valued at approximately $640,000. 55.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SBSI shares. Weiss Ratings upgraded Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday. Benchmark began coverage on shares of Southside Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods dropped their price target on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research note on Monday, August 3rd. Stephens set a $37.00 price target on shares of Southside Bancshares in a report on Monday, July 27th. Finally, Piper Sandler reduced their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 27th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $34.75.

Southside Bancshares Stock Down 0.1%

NYSE:SBSI opened at $32.81 on Monday. Southside Bancshares, Inc. has a twelve month low of $26.32 and a twelve month high of $36.20. The company has a market cap of $978.07 million, a price-to-earnings ratio of 12.92 and a beta of 0.58. The stock has a fifty day simple moving average of $33.26 and a 200-day simple moving average of $32.68. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71.

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

Southside Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were issued a $0.37 dividend. The ex-dividend date was Thursday, August 20th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.5%. Southside Bancshares’s dividend payout ratio (DPR) is presently 58.27%.

Southside Bancshares Profile

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.