Southside Bancshares (NASDAQ:SBSI) Shares Gap Down on Disappointing Earnings

Shares of Southside Bancshares, Inc. (NASDAQ:SBSI) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $33.56, but opened at $32.22. Southside Bancshares shares last traded at $31.84, with a volume of 9,846 shares trading hands.

The bank reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05). The business had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. Southside Bancshares had a net margin of 18.90% and a return on equity of 10.64%. During the same quarter last year, the company earned $0.60 EPS.

Southside Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.44 annualized dividend and a dividend yield of 4.43%. Southside Bancshares’s dividend payout ratio (DPR) is 53.53%.

Analyst Upgrades and Downgrades

SBSI has been the subject of several analyst reports. Hovde Group upped their price objective on Southside Bancshares from $31.00 to $37.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. StockNews.com downgraded Southside Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, October 10th.

Insider Activity

In related news, CFO Julie Shamburger sold 5,360 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $35.03, for a total transaction of $187,760.80. Following the completion of the transaction, the chief financial officer now directly owns 24,327 shares of the company’s stock, valued at $852,174.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Julie Shamburger sold 5,360 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $35.03, for a total transaction of $187,760.80. Following the transaction, the chief financial officer now owns 24,327 shares of the company’s stock, valued at $852,174.81. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jared C. Green sold 864 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $33.27, for a total value of $28,745.28. Following the completion of the transaction, the insider now owns 4,358 shares of the company’s stock, valued at $144,990.66. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,890 shares of company stock valued at $500,319 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Southside Bancshares

A number of institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its holdings in Southside Bancshares by 54.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock valued at $30,000 after buying an additional 387 shares in the last quarter. CWM LLC increased its stake in Southside Bancshares by 447.5% in the 2nd quarter. CWM LLC now owns 3,099 shares of the bank’s stock valued at $86,000 after purchasing an additional 2,533 shares in the last quarter. EntryPoint Capital LLC raised its holdings in Southside Bancshares by 57.0% during the first quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock worth $96,000 after purchasing an additional 1,195 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Southside Bancshares by 48.3% during the second quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock worth $139,000 after purchasing an additional 1,643 shares in the last quarter. Finally, Bill Few Associates Inc. acquired a new stake in Southside Bancshares in the third quarter valued at $222,000. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Southside Bancshares Trading Down 0.8 %

The firm has a market cap of $983.78 million, a PE ratio of 12.08 and a beta of 0.54. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.71 and a quick ratio of 0.71. The business has a 50-day moving average price of $33.28 and a two-hundred day moving average price of $30.10.

About Southside Bancshares

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.