Texas Permanent School Fund Corp Trims Stock Position in Southside Bancshares, Inc. (NASDAQ:SBSI)

Texas Permanent School Fund Corp cut its position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 3.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,867 shares of the bank’s stock after selling 1,010 shares during the period. Texas Permanent School Fund Corp owned approximately 0.08% of Southside Bancshares worth $677,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Barclays PLC raised its stake in shares of Southside Bancshares by 83.2% in the 2nd quarter. Barclays PLC now owns 44,026 shares of the bank’s stock valued at $1,151,000 after acquiring an additional 19,990 shares during the period. State of New Jersey Common Pension Fund D raised its stake in shares of Southside Bancshares by 44.8% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 90,409 shares of the bank’s stock valued at $2,365,000 after acquiring an additional 27,963 shares during the period. Portside Wealth Group LLC purchased a new stake in shares of Southside Bancshares in the 2nd quarter valued at approximately $3,249,000. LPL Financial LLC acquired a new position in shares of Southside Bancshares in the second quarter valued at approximately $411,000. Finally, Polaris Capital Management LLC acquired a new position in shares of Southside Bancshares in the second quarter valued at approximately $787,000. 57.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SBSI shares. Piper Sandler lifted their price objective on shares of Southside Bancshares from $31.00 to $33.00 in a report on Wednesday, July 26th. Stephens boosted their price target on shares of Southside Bancshares from $29.00 to $34.00 in a report on Wednesday, July 26th. TheStreet upgraded shares of Southside Bancshares from a “c+” rating to a “b-” rating in a report on Monday, August 14th. Finally, StockNews.com initiated coverage on shares of Southside Bancshares in a report on Thursday, October 5th. They set a “sell” rating for the company.

Insider Activity at Southside Bancshares

In other news, Director John F. Sammons, Jr. acquired 3,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The stock was bought at an average price of $27.10 per share, for a total transaction of $81,300.00. Following the transaction, the director now owns 30,576 shares in the company, valued at $828,609.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jared C. Green sold 1,665 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $29.81, for a total transaction of $49,633.65. Following the transaction, the insider now directly owns 4,173 shares of the company’s stock, valued at approximately $124,397.13. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John F. Sammons, Jr. purchased 3,000 shares of the stock in a transaction dated Tuesday, October 31st. The shares were bought at an average cost of $27.10 per share, for a total transaction of $81,300.00. Following the completion of the purchase, the director now owns 30,576 shares in the company, valued at $828,609.60. The disclosure for this purchase can be found here. 5.90% of the stock is owned by insiders.

Southside Bancshares Trading Down 0.3 %

Shares of Southside Bancshares stock opened at $29.08 on Tuesday. The company has a fifty day simple moving average of $28.40 and a 200-day simple moving average of $28.68. Southside Bancshares, Inc. has a 12-month low of $25.38 and a 12-month high of $40.38. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.75. The stock has a market cap of $878.22 million, a price-to-earnings ratio of 9.33 and a beta of 0.56.

Southside Bancshares (NASDAQ:SBSI) last issued its earnings results on Thursday, October 26th. The bank reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.17). Southside Bancshares had a net margin of 25.54% and a return on equity of 13.13%. The company had revenue of $67.26 million during the quarter, compared to analyst estimates of $68.00 million. On average, equities analysts forecast that Southside Bancshares, Inc. will post 2.87 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Wednesday, November 22nd will be given a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.48 annualized dividend and a yield of 5.09%. Southside Bancshares’s dividend payout ratio (DPR) is 45.02%.

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 deposit.