JPMorgan Chase & Co. Acquires 170,287 Shares of Southside Bancshares, Inc. (NASDAQ:SBSI)

JPMorgan Chase & Co. lifted its stake in Southside Bancshares, Inc. (NASDAQ:SBSI) by 79.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 385,154 shares of the bank’s stock after acquiring an additional 170,287 shares during the period. JPMorgan Chase & Co. owned approximately 1.27% of Southside Bancshares worth $12,876,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new position in Southside Bancshares in the 3rd quarter worth about $83,000. Quantbot Technologies LP boosted its position in shares of Southside Bancshares by 190.1% in the third quarter. Quantbot Technologies LP now owns 2,884 shares of the bank’s stock valued at $96,000 after acquiring an additional 1,890 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its stake in Southside Bancshares by 172.6% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,176 shares of the bank’s stock valued at $106,000 after acquiring an additional 2,011 shares in the last quarter. FMR LLC increased its holdings in Southside Bancshares by 226.9% during the 3rd quarter. FMR LLC now owns 3,432 shares of the bank’s stock worth $115,000 after acquiring an additional 2,382 shares during the period. Finally, CWM LLC lifted its stake in Southside Bancshares by 50.8% in the 3rd quarter. CWM LLC now owns 4,673 shares of the bank’s stock worth $156,000 after purchasing an additional 1,574 shares in the last quarter. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Southside Bancshares

In other Southside Bancshares news, insider Suni M. Davis sold 2,220 shares of Southside Bancshares stock in a transaction that occurred 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 directly owns 9,202 shares of the company’s stock, valued at approximately $331,272. This trade represents a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lee R. Gibson sold 3,300 shares of the company’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 sale, the chief executive officer now directly owns 57,272 shares of the company’s stock, valued at $2,104,173.28. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.

Southside Bancshares Stock Performance

NASDAQ:SBSI opened at $29.85 on Friday. Southside Bancshares, Inc. has a twelve month low of $25.30 and a twelve month high of $38.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. The stock has a market cap of $904.69 million, a P/E ratio of 10.78 and a beta of 0.58. The business’s 50-day moving average price is $33.94 and its two-hundred day moving average price is $32.74.

Southside Bancshares (NASDAQ:SBSI) last announced its earnings results on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). The company had revenue of $113.87 million for the quarter, compared to the consensus estimate of $68.25 million. Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. During the same quarter in the previous year, the firm earned $0.60 earnings per share. As a group, equities analysts predict that Southside Bancshares, Inc. will post 2.98 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Thursday, November 21st were given a dividend of $0.36 per share. The ex-dividend date was Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.82%. Southside Bancshares’s payout ratio is 51.99%.

Analyst Ratings Changes

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

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.