Southside Bancshares, Inc. (NYSE:SBSI) Stock Has Average Target Price of $34.75 According to Brokerages

Shares of Southside Bancshares, Inc. (NYSE:SBSI) have received a consensus rating of “Hold” from the six analysts that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $34.75.

Several brokerages have weighed in on SBSI. Keefe, Bruyette & Woods lowered their price target on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Monday, August 3rd. Weiss Ratings lowered shares of Southside Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Benchmark began coverage on shares of Southside Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Piper Sandler reduced their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Finally, Zacks Research upgraded shares of Southside Bancshares from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 24th.

Southside Bancshares Stock Up 0.2%

NYSE SBSI opened at $30.37 on Wednesday. The stock’s 50-day moving average price is $31.66 and its 200-day moving average price is $32.68. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.71. Southside Bancshares has a 52 week low of $26.32 and a 52 week high of $36.20. The company has a market capitalization of $905.45 million, a P/E ratio of 9.53 and a beta of 0.61.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $71.34 million for the quarter, compared to analysts’ expectations of $75.00 million. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. On average, equities research analysts predict that Southside Bancshares will post 3.27 earnings per share for the current year.

Southside Bancshares Increases Dividend

The company also recently announced 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 of this dividend was Thursday, August 20th. This represents a $1.48 annualized dividend and a yield of 4.9%. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.36. Southside Bancshares’s payout ratio is currently 58.27%.

Institutional Investors Weigh In On Southside Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Southside Bancshares during the 2nd quarter valued at about $150,305,000. Bank of New York Mellon Corp bought a new stake in shares of Southside Bancshares in the second quarter worth about $9,213,000. Bank of America Corp DE bought a new stake in shares of Southside Bancshares in the second quarter worth about $4,545,000. Empowered Funds LLC bought a new stake in shares of Southside Bancshares in the second quarter worth about $3,991,000. Finally, Legal & General Group Plc purchased a new stake in shares of Southside Bancshares in the second quarter worth about $2,134,000. 55.70% of the stock is owned by institutional investors.

Southside Bancshares Company Profile

Southside Bancshares, Inc is a Texas-based bank holding company headquartered in Tyler, Texas. Its principal subsidiary, Southside Bank, provides banking and financial services to individuals, businesses and institutions.

Southside Bank offers consumer and commercial deposit accounts, mortgage and other lending products, treasury management, online and mobile banking, and wealth management services. Its lending activities include commercial real estate, commercial and industrial, residential real estate, and consumer loans.

Founded in 1960, Southside Bank serves communities across Texas through its branch network and digital banking channels.