Southside Bancshares (NASDAQ:SBSI) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of Southside Bancshares (NASDAQ:SBSI) from a sell rating to a hold rating in a research report released on Tuesday.

Separately, Hovde Group reduced their price target on shares of Southside Bancshares from $35.00 to $31.00 and set a market perform rating for the company in a report on Thursday, May 9th.

Southside Bancshares Stock Performance

Shares of NASDAQ:SBSI opened at $27.21 on Tuesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.78. Southside Bancshares has a 12 month low of $25.30 and a 12 month high of $34.40. The company has a market capitalization of $823.92 million, a price-to-earnings ratio of 10.12 and a beta of 0.55. The firm’s 50-day moving average is $26.91 and its 200 day moving average is $28.67.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.71 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.04). The business had revenue of $112.48 million during the quarter, compared to the consensus estimate of $67.10 million. Southside Bancshares had a net margin of 19.79% and a return on equity of 10.80%. During the same period last year, the company earned $0.84 EPS. Research analysts predict that Southside Bancshares will post 2.7 EPS for the current year.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 23rd were issued a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $1.44 annualized dividend and a yield of 5.29%. Southside Bancshares’s dividend payout ratio (DPR) is presently 53.53%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. acquired a new position in Southside Bancshares in the first quarter valued at approximately $233,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Southside Bancshares by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,315 shares of the bank’s stock valued at $828,000 after purchasing an additional 1,074 shares in the last quarter. EntryPoint Capital LLC lifted its stake in shares of Southside Bancshares by 57.0% in the 1st quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock valued at $96,000 after purchasing an additional 1,195 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in Southside Bancshares by 11.1% during the first quarter. CANADA LIFE ASSURANCE Co now owns 26,241 shares of the bank’s stock worth $763,000 after buying an additional 2,628 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in Southside Bancshares by 185.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank’s stock valued at $702,000 after buying an additional 15,625 shares during the period. 55.70% of the stock is currently owned by institutional investors and hedge funds.

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 deposits.