Zacks Investment Research lowered shares of Southside Bancshares, Inc. (NASDAQ:SBSI) from a hold rating to a strong sell rating in a research report released on Wednesday.
According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “
Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $38.00 price target on shares of Southside Bancshares in a research report on Tuesday, August 29th. Piper Jaffray Companies initiated coverage on Southside Bancshares in a research report on Friday, September 22nd. They set a neutral rating and a $37.00 price target on the stock. Finally, BidaskClub lowered shares of Southside Bancshares from a hold rating to a sell rating in a report on Sunday, July 16th.
Shares of Southside Bancshares (NASDAQ:SBSI) traded up $0.17 during trading hours on Wednesday, reaching $34.02. 75,800 shares of the company were exchanged, compared to its average volume of 82,530. The company has a market capitalization of $1,001.31, a P/E ratio of 17.84 and a beta of 0.75. Southside Bancshares has a 52 week low of $31.20 and a 52 week high of $38.99. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.56.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, October 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). The business had revenue of $44.37 million for the quarter, compared to analyst estimates of $51.00 million. Southside Bancshares had a return on equity of 10.32% and a net margin of 25.70%. equities analysts anticipate that Southside Bancshares will post 2.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Wednesday, November 15th. Southside Bancshares’s dividend payout ratio (DPR) is presently 58.74%.
In other Southside Bancshares news, COO Brian K. Mccabe sold 1,500 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $33.00, for a total value of $49,500.00. Following the sale, the chief operating officer now directly owns 16,658 shares of the company’s stock, valued at $549,714. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 17.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. boosted its holdings in Southside Bancshares by 2.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,433 shares of the bank’s stock valued at $225,000 after purchasing an additional 158 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Southside Bancshares by 2.5% in the second quarter. Public Employees Retirement Association of Colorado now owns 7,116 shares of the bank’s stock worth $249,000 after acquiring an additional 174 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in shares of Southside Bancshares by 2.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 8,754 shares of the bank’s stock worth $306,000 after acquiring an additional 213 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of Southside Bancshares by 2.5% in the second quarter. UBS Asset Management Americas Inc. now owns 10,607 shares of the bank’s stock worth $371,000 after acquiring an additional 257 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Southside Bancshares by 2.5% in the second quarter. Louisiana State Employees Retirement System now owns 11,070 shares of the bank’s stock worth $387,000 after acquiring an additional 270 shares during the period. 51.29% of the stock is currently owned by institutional investors.
Southside Bancshares Company Profile
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services.
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