Southside Bancshares, Inc. (NASDAQ:SBSI) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 4.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,891 shares of the bank’s stock after selling 480 shares during the period. The Manufacturers Life Insurance Company’s holdings in Southside Bancshares were worth $364,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in Southside Bancshares by 54.4% in the second 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. Inspire Investing LLC boosted its stake in Southside Bancshares by 4.4% in the second quarter. Inspire Investing LLC now owns 12,815 shares of the bank’s stock valued at $354,000 after acquiring an additional 538 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Southside Bancshares by 4.0% during the second quarter. Victory Capital Management Inc. now owns 19,310 shares of the bank’s stock worth $533,000 after buying an additional 751 shares during the period. King Luther Capital Management Corp boosted its stake in shares of Southside Bancshares by 9.9% during the second quarter. King Luther Capital Management Corp now owns 10,927 shares of the bank’s stock worth $302,000 after buying an additional 980 shares during the period. Finally, CWM LLC boosted its stake in shares of Southside Bancshares by 50.8% during the third quarter. CWM LLC now owns 4,673 shares of the bank’s stock worth $156,000 after buying an additional 1,574 shares during the period. Institutional investors and hedge funds own 55.70% of the company’s stock.

Analyst Ratings Changes

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

Insider Buying and Selling at Southside Bancshares

In related news, CEO Lee R. Gibson sold 3,300 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 57,272 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Suni M. Davis sold 2,220 shares of the firm’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 transaction of $79,920.00. Following the sale, the insider now owns 9,202 shares in the company, valued at approximately $331,272. This trade represents a 19.44 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by corporate insiders.

Southside Bancshares Price Performance

Shares of SBSI opened at $35.16 on Monday. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 12.69 and a beta of 0.56. Southside Bancshares, Inc. has a fifty-two week low of $25.30 and a fifty-two week high of $38.00. The firm has a 50-day simple moving average of $34.42 and a 200-day simple moving average of $31.97. 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 (NASDAQ:SBSI) last posted its quarterly 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 firm had revenue of $113.87 million for 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 period in the prior year, the company earned $0.60 earnings per share. On average, equities research analysts anticipate that Southside Bancshares, Inc. will post 2.98 earnings per share for the current year.

Southside Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Thursday, November 21st were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.10%. Southside Bancshares’s dividend payout ratio (DPR) is presently 51.99%.

Southside Bancshares Company 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.