Southside Bancshares, Inc. (SBSI) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Southside Bancshares, Inc. (NASDAQ:SBSI) from a sell rating to a hold rating in a research report released on Thursday morning.
According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “
A number of other research firms also recently weighed in on SBSI. BidaskClub raised Southside Bancshares from a strong sell rating to a sell rating in a research note on Friday, June 30th. Piper Jaffray Companies assumed coverage on Southside Bancshares in a research note on Friday, September 22nd. They issued a neutral rating and a $37.00 price objective for the company. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $38.00 price objective on shares of Southside Bancshares in a research note on Tuesday, August 29th.
Shares of Southside Bancshares (NASDAQ SBSI) opened at 36.36 on Thursday. Southside Bancshares has a 1-year low of $30.47 and a 1-year high of $38.08. The firm’s 50-day moving average is $33.03 and its 200-day moving average is $33.55. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 19.15 and a beta of 0.81.
Southside Bancshares (NASDAQ:SBSI) last issued its earnings results on Friday, July 28th. The bank reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.04). The firm had revenue of $44.72 million during the quarter, compared to analyst estimates of $50.40 million. Southside Bancshares had a net margin of 25.30% and a return on equity of 10.42%. On average, analysts predict that Southside Bancshares will post $2.07 earnings per share for the current fiscal year.
In other Southside Bancshares news, COO Brian K. Mccabe sold 1,500 shares of Southside Bancshares stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $33.00, for a total transaction of $49,500.00. Following the completion of the transaction, the chief operating officer now owns 16,658 shares in the company, valued at approximately $549,714. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tim Carter sold 7,000 shares of Southside Bancshares stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $33.95, for a total value of $237,650.00. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.
Several institutional investors have recently modified their holdings of SBSI. Wells Fargo & Company MN raised its stake in shares of Southside Bancshares by 1.3% in the first quarter. Wells Fargo & Company MN now owns 44,845 shares of the bank’s stock worth $1,506,000 after purchasing an additional 595 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Southside Bancshares by 3.9% during the first quarter. Great West Life Assurance Co. Can now owns 36,669 shares of the bank’s stock valued at $1,230,000 after buying an additional 1,376 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Southside Bancshares by 23.7% during the first quarter. First Trust Advisors LP now owns 104,938 shares of the bank’s stock valued at $3,523,000 after buying an additional 20,074 shares during the last quarter. US Bancorp DE boosted its position in shares of Southside Bancshares by 52.8% during the first quarter. US Bancorp DE now owns 3,771 shares of the bank’s stock valued at $127,000 after buying an additional 1,303 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Southside Bancshares by 31.2% during the first quarter. Bank of New York Mellon Corp now owns 544,342 shares of the bank’s stock valued at $18,273,000 after buying an additional 129,337 shares during the last quarter. 51.45% of the stock is owned by hedge funds and other 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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