Principal Financial Group Inc. Has $4.48 Million Stock Holdings in Southside Bancshares, Inc. (NASDAQ:SBSI)

Principal Financial Group Inc. decreased its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 134,141 shares of the bank’s stock after selling 7,775 shares during the quarter. Principal Financial Group Inc. owned 0.44% of Southside Bancshares worth $4,484,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in Southside Bancshares by 54.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock valued at $30,000 after acquiring an additional 387 shares in the last quarter. CWM LLC lifted its position in Southside Bancshares by 447.5% in the 2nd quarter. CWM LLC now owns 3,099 shares of the bank’s stock valued at $86,000 after acquiring an additional 2,533 shares in the last quarter. EntryPoint Capital LLC lifted its position in shares of Southside Bancshares by 57.0% during the 1st quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock worth $96,000 after buying an additional 1,195 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Southside Bancshares by 48.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock worth $139,000 after buying an additional 1,643 shares in the last quarter. Finally, Bill Few Associates Inc. bought a new position in shares of Southside Bancshares during the 3rd quarter worth approximately $222,000. Institutional investors own 55.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Hovde Group lifted their target price on shares of Southside Bancshares from $31.00 to $37.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. StockNews.com cut shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th.

Southside Bancshares Trading Up 0.6 %

Shares of SBSI stock opened at $34.98 on Friday. The company has a 50 day moving average of $33.77 and a 200-day moving average of $31.02. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. Southside Bancshares, Inc. has a 12-month low of $25.30 and a 12-month high of $38.00. The firm has a market cap of $1.06 billion, a P/E ratio of 12.68 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share 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 business had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Sell-side analysts anticipate that Southside Bancshares, Inc. will post 2.98 earnings per share for the current year.

Southside Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 21st will be paid a $0.36 dividend. The ex-dividend date is Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.12%. Southside Bancshares’s dividend payout ratio is 51.99%.

Insider Activity at Southside Bancshares

In other news, CEO Lee R. Gibson sold 3,300 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the transaction, the chief executive officer now directly owns 57,272 shares in the company, valued at $2,104,173.28. The trade was a 5.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Suni M. Davis sold 2,220 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total transaction of $79,920.00. Following the transaction, the insider now owns 9,202 shares of the company’s stock, valued at $331,272. This trade represents a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

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.