State Street Corp Sells 24,832 Shares of Southside Bancshares, Inc. (NASDAQ:SBSI)

State Street Corp reduced its position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 1.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,257,547 shares of the bank’s stock after selling 24,832 shares during the period. State Street Corp owned approximately 4.15% of Southside Bancshares worth $42,040,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its stake in shares of Southside Bancshares by 54.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock valued at $30,000 after purchasing an additional 387 shares in the last quarter. Point72 DIFC Ltd bought a new position in Southside Bancshares in the 3rd quarter valued at approximately $83,000. Quantbot Technologies LP boosted its position in Southside Bancshares by 190.1% in the third quarter. Quantbot Technologies LP now owns 2,884 shares of the bank’s stock valued at $96,000 after buying an additional 1,890 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Southside Bancshares by 172.6% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,176 shares of the bank’s stock worth $106,000 after buying an additional 2,011 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Southside Bancshares by 226.9% during the third quarter. FMR LLC now owns 3,432 shares of the bank’s stock worth $115,000 after buying an additional 2,382 shares in the last quarter. 55.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th.

Southside Bancshares Stock Performance

Southside Bancshares stock opened at $32.26 on Friday. The business has a 50 day moving average of $34.52 and a 200-day moving average of $32.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.70. Southside Bancshares, Inc. has a 1 year low of $25.30 and a 1 year high of $38.00. The company has a market capitalization of $977.74 million, a P/E ratio of 11.65 and a beta of 0.56.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings results 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). Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. The business had revenue of $113.87 million for the quarter, compared to the consensus estimate of $68.25 million. During the same period in the previous year, the business posted $0.60 EPS. On average, equities research analysts predict that Southside Bancshares, Inc. will post 2.98 earnings per share for the current year.

Southside Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Thursday, November 21st were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.46%. Southside Bancshares’s dividend payout ratio (DPR) is presently 51.99%.

Insider Buying and Selling at Southside Bancshares

In related news, insider Suni M. Davis sold 2,220 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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. The trade was a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lee R. Gibson sold 3,300 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total value of $121,242.00. Following the completion of the sale, the chief executive officer now directly owns 57,272 shares of the company’s stock, valued at $2,104,173.28. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company’s stock.

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.