Hovde Group Raises Southside Bancshares (NASDAQ:SBSI) Price Target to $34.00

Southside Bancshares (NASDAQ:SBSI) had its target price hoisted by analysts at Hovde Group from $32.00 to $34.00 in a report released on Monday, MarketBeat Ratings reports. The firm currently has a “market perform” rating on the bank’s stock. Hovde Group’s price target points to a potential upside of 5.55% from the company’s previous close.

Separately, Keefe, Bruyette & Woods decreased their price target on shares of Southside Bancshares from $32.00 to $31.00 and set a “market perform” rating for the company in a report on Monday, October 27th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $33.67.

Southside Bancshares Price Performance

SBSI stock opened at $32.21 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. Southside Bancshares has a 1 year low of $25.85 and a 1 year high of $33.96. The stock’s 50 day moving average price is $31.33 and its 200 day moving average price is $30.03. The firm has a market cap of $968.52 million, a P/E ratio of 11.07 and a beta of 0.64.

Insiders Place Their Bets

In other Southside Bancshares news, Director Herbert C. Buie acquired 1,807 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was purchased at an average cost of $30.68 per share, for a total transaction of $55,438.76. Following the transaction, the director owned 389,288 shares of the company’s stock, valued at $11,943,355.84. The trade was a 0.47% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

Several institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its stake in Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the bank’s stock valued at $28,000 after purchasing an additional 867 shares during the period. CIBC Private Wealth Group LLC bought a new stake in Southside Bancshares in the 3rd quarter valued at $45,000. GAMMA Investing LLC grew its position in Southside Bancshares by 26.6% in the 4th quarter. GAMMA Investing LLC now owns 1,809 shares of the bank’s stock worth $55,000 after purchasing an additional 380 shares during the last quarter. Pacifica Partners Inc. acquired a new position in shares of Southside Bancshares during the third quarter valued at about $56,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of Southside Bancshares by 2,858.8% in the second quarter. Hantz Financial Services Inc. now owns 2,012 shares of the bank’s stock valued at $59,000 after buying an additional 1,944 shares during the period. 55.70% of the stock is currently owned by institutional investors.

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.