State of New Jersey Common Pension Fund D Has $2.61 Million Stock Holdings in Southside Bancshares, Inc. $SBSI

State of New Jersey Common Pension Fund D lifted its position in Southside Bancshares, Inc. (NASDAQ:SBSI) by 37.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 92,388 shares of the bank’s stock after purchasing an additional 25,409 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Southside Bancshares were worth $2,610,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Jane Street Group LLC acquired a new position in Southside Bancshares during the 1st quarter worth $1,520,000. American Century Companies Inc. lifted its position in shares of Southside Bancshares by 14.8% during the 2nd quarter. American Century Companies Inc. now owns 352,786 shares of the bank’s stock worth $10,382,000 after purchasing an additional 45,598 shares during the last quarter. Invesco Ltd. boosted its stake in Southside Bancshares by 16.9% during the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the bank’s stock valued at $8,541,000 after purchasing an additional 42,057 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Southside Bancshares by 30.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the bank’s stock valued at $4,207,000 after buying an additional 33,443 shares during the last quarter. Finally, Pinnacle Associates Ltd. bought a new position in Southside Bancshares in the 2nd quarter worth approximately $789,000. 55.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SBSI. Hovde Group raised their price objective on shares of Southside Bancshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research note on Monday, February 2nd. Keefe, Bruyette & Woods raised their price target on shares of Southside Bancshares from $31.00 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, February 2nd. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $35.00.

Southside Bancshares Stock Up 1.3%

Shares of SBSI stock opened at $32.89 on Friday. Southside Bancshares, Inc. has a one year low of $25.85 and a one year high of $34.37. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a fifty day moving average price of $32.18 and a 200 day moving average price of $30.35. The stock has a market cap of $988.78 million, a P/E ratio of 11.30 and a beta of 0.64.

Southside Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Thursday, February 19th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Thursday, February 19th. Southside Bancshares’s payout ratio is presently 62.88%.

Insider Activity

In other news, Director Herbert C. Buie purchased 1,807 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were bought at an average cost of $30.68 per share, for a total transaction of $55,438.76. Following the completion of the acquisition, the director directly owned 389,288 shares in the company, valued at approximately $11,943,355.84. This trade represents a 0.47% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by corporate insiders.

Southside Bancshares Company Profile

Southside Bancshares, Inc is a bank holding company headquartered in Tyler, Texas, and operates through its principal subsidiary, Southside Bank. The company provides a full suite of commercial and retail banking services, including deposit accounts, commercial and consumer loans, mortgage lending, and digital banking solutions designed to meet the needs of individuals, small businesses, and mid-market companies.

Southside Bank’s commercial banking division offers lending and treasury management services to support business growth and operational efficiency.