Southside Bancshares (NASDAQ:SBSI) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Southside Bancshares (NASDAQ:SBSI) from a sell rating to a hold rating in a report issued on Friday.

Separately, Hovde Group decreased their price objective on Southside Bancshares from $35.00 to $31.00 and set a market perform rating on the stock in a report on Thursday, May 9th.

Southside Bancshares Stock Up 1.4 %

NASDAQ SBSI opened at $26.22 on Friday. The stock’s 50 day moving average is $27.01 and its 200 day moving average is $28.87. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.78. Southside Bancshares has a 12 month low of $25.30 and a 12 month high of $34.40. The stock has a market cap of $793.94 million, a PE ratio of 9.75 and a beta of 0.54.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.04). Southside Bancshares had a return on equity of 10.80% and a net margin of 19.79%. The business had revenue of $112.48 million during the quarter, compared to analysts’ expectations of $67.10 million. During the same period in the prior year, the firm posted $0.84 earnings per share. Research analysts predict that Southside Bancshares will post 2.7 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $1.44 annualized dividend and a dividend yield of 5.49%. Southside Bancshares’s dividend payout ratio (DPR) is 53.53%.

Institutional Trading of Southside Bancshares

Several hedge funds have recently modified their holdings of SBSI. Charles Schwab Investment Management Inc. increased its position in shares of Southside Bancshares by 7.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 348,355 shares of the bank’s stock valued at $9,998,000 after purchasing an additional 23,219 shares during the last quarter. Aigen Investment Management LP increased its position in shares of Southside Bancshares by 3.9% during the 3rd quarter. Aigen Investment Management LP now owns 14,709 shares of the bank’s stock valued at $422,000 after purchasing an additional 548 shares during the last quarter. Dark Forest Capital Management LP bought a new position in shares of Southside Bancshares during the 3rd quarter valued at approximately $409,000. Trexquant Investment LP increased its position in shares of Southside Bancshares by 49.1% during the 3rd quarter. Trexquant Investment LP now owns 20,445 shares of the bank’s stock valued at $587,000 after purchasing an additional 6,735 shares during the last quarter. Finally, Alps Advisors Inc. bought a new position in shares of Southside Bancshares during the 3rd quarter valued at approximately $334,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

Southside Bancshares Company Profile

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposits.