Intech Investment Management LLC Invests $233,000 in Southside Bancshares, Inc. (NASDAQ:SBSI)

Intech Investment Management LLC acquired a new stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,962 shares of the bank’s stock, valued at approximately $233,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in shares of Southside Bancshares by 54.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $30,000 after buying an additional 387 shares during the last quarter. CWM LLC increased its holdings in shares of Southside Bancshares by 447.5% in the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock valued at $86,000 after purchasing an additional 2,533 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Southside Bancshares by 48.3% in the second quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock worth $139,000 after purchasing an additional 1,643 shares during the last quarter. Bill Few Associates Inc. acquired a new stake in shares of Southside Bancshares during the third quarter worth about $222,000. Finally, Cornercap Investment Counsel Inc. purchased a new stake in Southside Bancshares in the third quarter valued at approximately $255,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Southside Bancshares Price Performance

NASDAQ:SBSI opened at $34.83 on Friday. The firm’s fifty day moving average is $34.11 and its two-hundred day moving average is $31.56. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 12.57 and a beta of 0.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.70 and a current ratio of 0.70. Southside Bancshares, Inc. has a one year low of $25.30 and a one year 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 analysts’ consensus estimates of $0.73 by ($0.05). The company had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. During the same quarter in the previous year, the company earned $0.60 EPS. Research analysts expect that Southside Bancshares, Inc. will post 2.98 EPS for the current year.

Southside Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.13%. The ex-dividend date is Thursday, November 21st. Southside Bancshares’s dividend payout ratio (DPR) is 51.99%.

Insider Activity

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

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.