Zacks: Brokerages Expect Southside Bancshares, Inc. (NASDAQ:SBSI) Will Post Quarterly Sales of $63.30 Million

Analysts expect Southside Bancshares, Inc. (NASDAQ:SBSI – Get Rating) to post $63.30 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Southside Bancshares’ earnings, with estimates ranging from $62.50 million to $64.10 million. Southside Bancshares reported sales of $59.71 million during the same quarter last year, which would suggest a positive year over year growth rate of 6%. The firm is expected to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Southside Bancshares will report full year sales of $256.15 million for the current financial year, with estimates ranging from $252.00 million to $260.30 million. For the next year, analysts forecast that the business will post sales of $270.65 million, with estimates ranging from $267.40 million to $273.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Southside Bancshares.

Southside Bancshares (NASDAQ:SBSI – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The bank reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.10. The company had revenue of $59.63 million for the quarter, compared to analyst estimates of $62.50 million. Southside Bancshares had a net margin of 39.70% and a return on equity of 12.09%. During the same period in the prior year, the firm earned $1.06 earnings per share.

SBSI has been the topic of several analyst reports. StockNews.com initiated coverage on shares of Southside Bancshares in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research upgraded shares of Southside Bancshares from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Wednesday, February 2nd.

Shares of SBSI opened at $38.86 on Thursday. Southside Bancshares has a 12 month low of $34.52 and a 12 month high of $45.36. The firm’s 50 day moving average is $40.01 and its 200-day moving average is $41.58. The stock has a market capitalization of $1.25 billion, a PE ratio of 12.14 and a beta of 0.54. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.25.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 2nd. Stockholders of record on Thursday, May 19th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Wednesday, May 18th. Southside Bancshares’s dividend payout ratio is currently 42.50%.

In related news, COO Brian K. Mccabe sold 1,875 shares of the business’s stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $41.74, for a total transaction of $78,262.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.70% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in Southside Bancshares during the 4th quarter worth approximately $28,000. Nisa Investment Advisors LLC purchased a new position in Southside Bancshares in the 1st quarter worth approximately $32,000. Gibson Wealth Advisors LLC purchased a new stake in shares of Southside Bancshares in the 4th quarter valued at $45,000. Public Employees Retirement System of Ohio boosted its stake in shares of Southside Bancshares by 38.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,101 shares of the bank’s stock valued at $46,000 after purchasing an additional 305 shares in the last quarter. Finally, Dixon Hughes Goodman Wealth Advisors LLC purchased a new stake in shares of Southside Bancshares in the 4th quarter valued at $95,000. 51.25% of the stock is currently owned by institutional investors.

About Southside Bancshares (Get Rating)

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 deposit.

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