Southside Bancshares, Inc. (NYSE:SBSI) Receives Consensus Rating of “Hold” from Analysts

Southside Bancshares, Inc. (NYSE:SBSI) has received an average rating of “Hold” from the seven ratings firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $34.75.

A number of research firms have recently commented on SBSI. Piper Sandler cut their price objective on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Keefe, Bruyette & Woods decreased their target price on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a report on Monday, August 3rd. Stephens set a $37.00 target price on shares of Southside Bancshares in a research report on Monday, July 27th. Zacks Research lowered shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings raised shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th.

Southside Bancshares Trading Down 1.1%

Shares of SBSI opened at $32.70 on Tuesday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $974.79 million, a P/E ratio of 12.87 and a beta of 0.60. The stock’s fifty day simple moving average is $33.83 and its 200 day simple moving average is $32.78. Southside Bancshares has a twelve month low of $26.32 and a twelve month high of $36.20.

Southside Bancshares (NYSE:SBSI) last issued its earnings results 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. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The firm had revenue of $71.34 million for the quarter, compared to analysts’ expectations of $75.00 million. On average, equities research analysts forecast that Southside Bancshares will post 3.24 earnings per share for the current year.

Southside Bancshares Increases Dividend

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

Hedge Funds Weigh In On Southside Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Southside Bancshares in the 4th quarter valued at $465,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Southside Bancshares during the fourth quarter worth about $1,260,000. Quantinno Capital Management LP lifted its stake in shares of Southside Bancshares by 75.6% during the first quarter. Quantinno Capital Management LP now owns 37,875 shares of the company’s stock worth $1,178,000 after purchasing an additional 16,306 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Southside Bancshares by 35,847.8% in the first quarter. Fifth Third Bancorp now owns 16,536 shares of the company’s stock worth $514,000 after buying an additional 16,490 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock worth $61,751,000 after buying an additional 31,575 shares during the period. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Company 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.