Sei Investments Co. Invests $640,000 in Southside Bancshares, Inc. $SBSI

Sei Investments Co. bought a new position in Southside Bancshares, Inc. (NYSE:SBSI) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,598 shares of the company’s stock, valued at approximately $640,000. Sei Investments Co. owned about 0.07% of Southside Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in Southside Bancshares by 1,083.8% during the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock valued at $28,000 after acquiring an additional 867 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Southside Bancshares in the 4th quarter worth about $45,000. CIBC Private Wealth Group LLC purchased a new position in shares of Southside Bancshares in the 3rd quarter worth about $45,000. Russell Investments Group Ltd. lifted its stake in shares of Southside Bancshares by 927.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock valued at $80,000 after purchasing an additional 2,551 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Southside Bancshares by 4,703.5% in the 4th quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company’s stock valued at $83,000 after purchasing an additional 2,681 shares in the last quarter. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Southside Bancshares Stock Down 0.2%

NYSE SBSI opened at $32.97 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.71. Southside Bancshares, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $36.20. The business has a 50 day moving average price of $33.84 and a two-hundred day moving average price of $32.78. The stock has a market cap of $982.84 million, a PE ratio of 12.98 and a beta of 0.60.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. As a group, sell-side analysts predict that Southside Bancshares, Inc. will post 3.24 EPS for the current fiscal year.

Southside Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be paid a dividend of $0.37 per share. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.48 annualized dividend and a yield of 4.5%. Southside Bancshares’s payout ratio is presently 56.69%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SBSI. Weiss Ratings upgraded shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods reduced their target price on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Monday, August 3rd. Benchmark assumed coverage on shares of Southside Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Piper Sandler decreased their price target on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Finally, Stephens set a $37.00 price target on Southside Bancshares in a report on Monday, July 27th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $34.75.

Southside Bancshares Company Profile

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.