Southside Bancshares (NYSE:SBSI) Shares Down 1.7% – Here’s What Happened

Southside Bancshares, Inc. (NYSE:SBSI)’s share price dropped 1.7% on Friday . The stock traded as low as $30.39 and last traded at $30.45. Approximately 84,963 shares changed hands during trading, a decline of 36% from the average daily volume of 132,032 shares. The stock had previously closed at $30.98.

Wall Street Analyst Weigh In

SBSI has been the subject of several research reports. Keefe, Bruyette & Woods upped their target price 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. Hovde Group raised their price target on Southside Bancshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Southside Bancshares in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded Southside Bancshares from a “sell” rating to a “hold” rating in a report on Sunday, February 8th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.00.

Southside Bancshares Price Performance

The firm’s 50 day simple moving average is $31.86 and its two-hundred day simple moving average is $30.42. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market capitalization of $905.58 million, a P/E ratio of 13.30 and a beta of 0.63.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.10). Southside Bancshares had a net margin of 15.61% and a return on equity of 10.72%. The company had revenue of $71.99 million for the quarter.

Southside Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Thursday, February 19th were issued a $0.36 dividend. The ex-dividend date was Thursday, February 19th. This represents a $1.44 annualized dividend and a dividend yield of 4.7%. Southside Bancshares’s dividend payout ratio (DPR) is currently 62.88%.

Institutional Investors Weigh In On Southside Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBSI. American Century Companies Inc. grew its stake in shares of Southside Bancshares by 14.8% in the second quarter. American Century Companies Inc. now owns 352,786 shares of the company’s stock worth $10,382,000 after purchasing an additional 45,598 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in Southside Bancshares by 37.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 92,388 shares of the company’s stock valued at $2,610,000 after purchasing an additional 25,409 shares during the last quarter. Geode Capital Management LLC raised its position in Southside Bancshares by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 689,791 shares of the company’s stock valued at $20,301,000 after purchasing an additional 5,975 shares during the last quarter. XTX Topco Ltd purchased a new stake in Southside Bancshares in the 2nd quarter worth approximately $704,000. Finally, SG Americas Securities LLC bought a new stake in shares of Southside Bancshares in the 3rd quarter worth approximately $285,000. 55.70% of the stock is currently owned by institutional investors.

About Southside Bancshares

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.