Southside Bancshares (NASDAQ:SBSI) Given New $35.00 Price Target at Keefe, Bruyette & Woods

Southside Bancshares (NASDAQ:SBSI) had its price target hoisted by analysts at Keefe, Bruyette & Woods from $31.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 4.82% from the stock’s current price.

Separately, Hovde Group boosted their price objective on Southside Bancshares from $32.00 to $34.00 and gave the company a “market perform” rating in a report on Monday. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Stock Up 3.7%

Shares of NASDAQ SBSI traded up $1.20 during midday trading on Monday, reaching $33.39. 36,882 shares of the company’s stock were exchanged, compared to its average volume of 111,884. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. The business’s fifty day moving average price is $31.33 and its two-hundred day moving average price is $30.03. The stock has a market capitalization of $1.00 billion, a PE ratio of 11.47 and a beta of 0.64. Southside Bancshares has a 52-week low of $25.85 and a 52-week high of $33.96.

Insider Activity

In related news, Director Herbert C. Buie purchased 1,807 shares of Southside Bancshares stock in a transaction that occurred on Thursday, December 4th. The shares were acquired at an average price of $30.68 per share, with a total value of $55,438.76. Following the completion of the transaction, the director directly owned 389,288 shares of the company’s stock, valued at $11,943,355.84. This represents a 0.47% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Southside Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of SBSI. Vanguard Group Inc. lifted its holdings in Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the bank’s stock worth $61,751,000 after buying an additional 31,575 shares during the period. Dimensional Fund Advisors LP grew its position in Southside Bancshares by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,382,523 shares of the bank’s stock valued at $39,056,000 after buying an additional 5,237 shares during the period. Geode Capital Management LLC raised its stake in Southside Bancshares by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 689,791 shares of the bank’s stock worth $20,301,000 after acquiring an additional 5,975 shares during the period. American Century Companies Inc. raised its stake in Southside Bancshares by 14.8% during the 2nd quarter. American Century Companies Inc. now owns 352,786 shares of the bank’s stock valued at $10,382,000 after purchasing an additional 45,598 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Southside Bancshares by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 291,402 shares of the bank’s stock worth $8,576,000 after buying an additional 4,055 shares in the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

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.