StockNews.com Downgrades Southside Bancshares (NASDAQ:SBSI) to Sell

Southside Bancshares (NASDAQ:SBSI) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Separately, Hovde Group boosted their price objective on shares of Southside Bancshares from $31.00 to $37.00 and gave the company a “market perform” rating in a research report on Monday, July 29th.

Southside Bancshares Stock Down 0.4 %

SBSI stock opened at $32.13 on Tuesday. Southside Bancshares has a 52-week low of $25.30 and a 52-week high of $36.10. The company’s 50 day simple moving average is $33.28 and its 200-day simple moving average is $30.33. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.78. The firm has a market capitalization of $973.80 million, a P/E ratio of 11.60 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings results on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. The firm had revenue of $113.87 million for the quarter, compared to analyst estimates of $68.25 million. During the same quarter in the prior year, the firm earned $0.60 EPS. As a group, equities research analysts anticipate that Southside Bancshares will post 2.96 EPS for the current year.

Insider Activity at Southside Bancshares

In other Southside Bancshares news, insider T L. Arnold, Jr. sold 4,667 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.71, for a total value of $157,324.57. Following the completion of the sale, the insider now directly owns 16,441 shares of the company’s stock, valued at $554,226.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Southside Bancshares news, insider T L. Arnold, Jr. sold 3,999 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $31.63, for a total value of $126,488.37. Following the completion of the sale, the insider now directly owns 16,441 shares of the company’s stock, valued at $520,028.83. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider T L. Arnold, Jr. sold 4,667 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.71, for a total transaction of $157,324.57. Following the completion of the sale, the insider now directly owns 16,441 shares of the company’s stock, valued at $554,226.11. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by insiders.

Institutional Trading of Southside Bancshares

Several large investors have recently added to or reduced their stakes in SBSI. Renaissance Technologies LLC lifted its stake in shares of Southside Bancshares by 6.8% in the second quarter. Renaissance Technologies LLC now owns 603,285 shares of the bank’s stock worth $16,657,000 after buying an additional 38,500 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Southside Bancshares by 0.9% in the first quarter. ProShare Advisors LLC now owns 266,202 shares of the bank’s stock worth $7,781,000 after buying an additional 2,456 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Southside Bancshares by 95.8% in the second quarter. AQR Capital Management LLC now owns 238,087 shares of the bank’s stock worth $6,574,000 after buying an additional 116,473 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Southside Bancshares by 1.2% in the second quarter. American Century Companies Inc. now owns 168,450 shares of the bank’s stock worth $4,651,000 after buying an additional 1,984 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Southside Bancshares by 8.1% in the first quarter. Empowered Funds LLC now owns 65,458 shares of the bank’s stock worth $1,913,000 after buying an additional 4,900 shares during the last quarter. 55.70% of the stock is owned by institutional investors.

About Southside Bancshares

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.