Victory Capital Management Inc. Sells 1,015 Shares of Southside Bancshares, Inc. (NASDAQ:SBSI)

Victory Capital Management Inc. lowered its stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 5.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,295 shares of the bank’s stock after selling 1,015 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Southside Bancshares worth $612,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of Southside Bancshares by 54.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $30,000 after purchasing an additional 387 shares in the last quarter. CWM LLC grew its stake in Southside Bancshares by 447.5% during the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock worth $86,000 after buying an additional 2,533 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Southside Bancshares by 48.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock valued at $139,000 after buying an additional 1,643 shares during the period. Bill Few Associates Inc. acquired a new position in shares of Southside Bancshares in the 3rd quarter valued at approximately $222,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Southside Bancshares during the 1st quarter worth approximately $233,000. Institutional investors own 55.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th.

Insider Buying and Selling at Southside Bancshares

In other news, CEO Lee R. Gibson sold 3,300 shares of Southside Bancshares stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total transaction of $121,242.00. Following the sale, the chief executive officer now directly owns 57,272 shares of the company’s stock, valued at approximately $2,104,173.28. This trade represents a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Suni M. Davis sold 2,220 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total value of $79,920.00. Following the completion of the transaction, the insider now directly owns 9,202 shares of the company’s stock, valued at $331,272. This represents a 19.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.10% of the company’s stock.

Southside Bancshares Price Performance

Shares of SBSI stock opened at $35.21 on Friday. The business has a fifty day simple moving average of $33.96 and a 200 day simple moving average of $31.29. The company has a market cap of $1.07 billion, a P/E ratio of 12.71 and a beta of 0.55. 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 twelve month low of $25.30 and a twelve month high of $38.00.

Southside Bancshares (NASDAQ:SBSI) last issued its earnings results on Thursday, October 24th. The bank reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05). Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. The business had revenue of $113.87 million for the quarter, compared to analyst estimates of $68.25 million. During the same period in the previous year, the firm posted $0.60 EPS. On average, sell-side analysts forecast that Southside Bancshares, Inc. will post 2.98 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Thursday, November 21st will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.09%. Southside Bancshares’s dividend payout ratio is currently 51.99%.

Southside Bancshares 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.