Southside Bancshares, Inc. (NASDAQ:SBSI) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.00 price target on shares of Southside Bancshares in a report on Friday, April 28th. Zacks Investment Research raised Southside Bancshares from a “hold” rating to a “strong-buy” rating and set a $41.00 price target for the company in a report on Tuesday, May 9th.

Southside Bancshares (NASDAQ SBSI) opened at 32.78 on Friday. Southside Bancshares has a 1-year low of $29.99 and a 1-year high of $38.08. The company’s 50-day moving average is $34.72 and its 200 day moving average is $33.87. The firm has a market capitalization of $961.86 million, a PE ratio of 17.26 and a beta of 0.78.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings results on Friday, July 28th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.04. Southside Bancshares had a net margin of 25.30% and a return on equity of 10.42%. The business had revenue of $44.72 million for the quarter, compared to analyst estimates of $50.40 million. On average, equities analysts expect that Southside Bancshares will post $2.07 EPS for the current fiscal year.

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In other news, Director Alton Cade, Jr. sold 2,950 shares of Southside Bancshares stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $35.31, for a total transaction of $104,164.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tim Carter sold 5,000 shares of Southside Bancshares stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $34.76, for a total value of $173,800.00. Following the sale, the insider now directly owns 39,752 shares of the company’s stock, valued at approximately $1,381,779.52. The disclosure for this sale can be found here. Insiders have sold a total of 14,950 shares of company stock valued at $515,615 in the last ninety days. Insiders own 17.20% of the company’s stock.

Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Southside Bancshares by 0.5% in the second quarter. BlackRock Inc. now owns 3,348,158 shares of the bank’s stock worth $116,987,000 after buying an additional 15,123 shares in the last quarter. Vanguard Group Inc. increased its stake in Southside Bancshares by 6.2% in the second quarter. Vanguard Group Inc. now owns 1,727,918 shares of the bank’s stock worth $60,373,000 after buying an additional 100,282 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Southside Bancshares by 6.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,298,766 shares of the bank’s stock worth $45,379,000 after buying an additional 82,423 shares in the last quarter. State Street Corp increased its stake in Southside Bancshares by 37.0% in the first quarter. State Street Corp now owns 912,105 shares of the bank’s stock worth $30,620,000 after buying an additional 246,458 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Southside Bancshares by 3.0% in the first quarter. Renaissance Technologies LLC now owns 849,372 shares of the bank’s stock worth $28,513,000 after buying an additional 24,800 shares in the last quarter. 51.41% of the stock is owned by institutional investors.

About Southside Bancshares

Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services.

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