Balyasny Asset Management LLC Invests $439,000 in Southside Bancshares, Inc. (NASDAQ:SBSI)
Balyasny Asset Management LLC bought a new stake in Southside Bancshares, Inc. (NASDAQ:SBSI) in the second quarter, Holdings Channel reports. The institutional investor bought 15,841 shares of the bank’s stock, valued at approximately $439,000.
Several other institutional investors and hedge funds have also made changes to their positions in SBSI. Nisa Investment Advisors LLC acquired a new stake in Southside Bancshares in the 2nd quarter valued at about $25,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Southside Bancshares by 29.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,870 shares of the bank’s stock valued at $87,000 after acquiring an additional 654 shares during the period. Bank of Montreal Can boosted its holdings in Southside Bancshares by 169.4% in the second quarter. Bank of Montreal Can now owns 4,402 shares of the bank’s stock valued at $108,000 after acquiring an additional 2,768 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Southside Bancshares by 61.3% in the first quarter. Acadian Asset Management LLC now owns 6,454 shares of the bank’s stock valued at $196,000 after acquiring an additional 2,453 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Southside Bancshares by 104.7% in the first quarter. SG Americas Securities LLC now owns 6,645 shares of the bank’s stock worth $202,000 after purchasing an additional 3,398 shares during the period. 50.09% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently issued reports on SBSI shares. Zacks Investment Research raised shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, July 21st. SunTrust Banks lowered their target price on shares of Southside Bancshares from $32.00 to $29.00 and set a “hold” rating for the company in a report on Tuesday, May 19th. BidaskClub downgraded Southside Bancshares from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. Finally, Piper Sandler lifted their price objective on Southside Bancshares from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Southside Bancshares currently has a consensus rating of “Hold” and a consensus target price of $30.00.
Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.28. The business had revenue of $62.48 million during the quarter, compared to analysts’ expectations of $56.35 million. Southside Bancshares had a net margin of 21.63% and a return on equity of 7.86%. On average, research analysts anticipate that Southside Bancshares, Inc. will post 1.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend was Wednesday, August 19th. Southside Bancshares’s dividend payout ratio is currently 56.36%.
In other Southside Bancshares news, Director Tony K. Morgan acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The stock was acquired at an average cost of $27.20 per share, for a total transaction of $54,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.20% of the company’s stock.
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 deposit.
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