State of New Jersey Common Pension Fund D Trims Stock Position in Southside Bancshares, Inc. (NASDAQ:SBSI)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 18.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,686 shares of the bank’s stock after selling 12,957 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Southside Bancshares were worth $1,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its stake in shares of Southside Bancshares by 73.6% in the 1st quarter. BNP Paribas Financial Markets now owns 19,533 shares of the bank’s stock valued at $571,000 after purchasing an additional 8,280 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Southside Bancshares by 185.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank’s stock valued at $702,000 after purchasing an additional 15,625 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Southside Bancshares by 11.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 26,241 shares of the bank’s stock valued at $763,000 after purchasing an additional 2,628 shares in the last quarter. EntryPoint Capital LLC increased 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Southside Bancshares by 3.9% in 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. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Insider Activity

In related news, CEO Lee R. Gibson sold 3,300 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the transaction, the chief executive officer now owns 57,272 shares in the company, valued at approximately $2,104,173.28. The trade was a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider T L. Arnold, Jr. sold 4,667 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.71, for a total transaction of $157,324.57. Following the completion of the transaction, the insider now owns 16,441 shares of the company’s stock, valued at $554,226.11. This represents a 22.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,187 shares of company stock valued at $358,487. 5.90% of the stock is currently owned by company insiders.

Southside Bancshares Trading Up 0.6 %

SBSI stock opened at $35.89 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.32. Southside Bancshares, Inc. has a 12-month low of $25.30 and a 12-month high of $38.00. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 12.96 and a beta of 0.55. The business’s 50-day moving average is $33.61 and its 200 day moving average is $30.89.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). The firm had revenue of $113.87 million during the quarter, compared to analyst estimates of $68.25 million. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. During the same quarter in the previous year, the firm posted $0.60 earnings per share. On average, sell-side analysts anticipate that Southside Bancshares, Inc. will post 2.98 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Thursday, November 21st. Southside Bancshares’s payout ratio is presently 51.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SBSI shares. StockNews.com cut Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. Hovde Group lifted their price objective on Southside Bancshares from $31.00 to $37.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

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.