Southside Bancshares (NASDAQ:SBSI) Reaches New 1-Year High – Here’s What Happened

Southside Bancshares, Inc. (NASDAQ:SBSI) reached a new 52-week high during trading on Friday . The stock traded as high as $38.00 and last traded at $35.96, with a volume of 8534 shares traded. The stock had previously closed at $35.68.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SBSI shares. StockNews.com lowered Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. Hovde Group increased their price target 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.

Southside Bancshares Trading Up 0.6 %

The firm has a market cap of $1.09 billion, a PE ratio of 12.96 and a beta of 0.55. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s fifty day simple moving average is $33.61 and its 200-day simple moving average is $30.86.

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

Southside Bancshares Dividend Announcement

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

Insider Transactions at Southside Bancshares

In other news, insider Suni M. Davis sold 2,220 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.00, for a total value of $79,920.00. Following the transaction, the insider now owns 9,202 shares in the company, valued at $331,272. This trade represents a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lee R. Gibson sold 3,300 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total value of $121,242.00. Following the sale, the chief executive officer now owns 57,272 shares of the company’s stock, valued at $2,104,173.28. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,187 shares of company stock valued at $358,487 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Southside Bancshares by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 671,666 shares of the bank’s stock valued at $22,458,000 after acquiring an additional 3,097 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Southside Bancshares by 6.8% in the second quarter. Renaissance Technologies LLC now owns 603,285 shares of the bank’s stock valued at $16,657,000 after purchasing an additional 38,500 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Southside Bancshares by 95.8% in the second quarter. AQR Capital Management LLC now owns 238,087 shares of the bank’s stock valued at $6,574,000 after purchasing an additional 116,473 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Southside Bancshares by 1.2% in the second quarter. American Century Companies Inc. now owns 168,450 shares of the bank’s stock valued at $4,651,000 after purchasing an additional 1,984 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Southside Bancshares by 5.3% during the third quarter. Empowered Funds LLC now owns 74,250 shares of the bank’s stock worth $2,482,000 after buying an additional 3,752 shares in the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.

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.