Corebridge Financial Inc. Reduces Stock Position in Southside Bancshares, Inc. (NASDAQ:SBSI)

Corebridge Financial Inc. decreased its stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 7.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,283 shares of the bank’s stock after selling 1,192 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Southside Bancshares worth $485,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBSI. GAMMA Investing LLC raised its holdings in shares of Southside Bancshares by 61.1% during the 4th quarter. GAMMA Investing LLC now owns 1,337 shares of the bank’s stock worth $42,000 after acquiring an additional 507 shares during the period. FMR LLC raised its stake in 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 purchasing an additional 2,382 shares during the period. Quantbot Technologies LP boosted its holdings in Southside Bancshares by 34.9% in the 4th quarter. Quantbot Technologies LP now owns 3,890 shares of the bank’s stock valued at $124,000 after purchasing an additional 1,006 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Southside Bancshares in the 4th quarter valued at approximately $178,000. Finally, Magnetar Financial LLC acquired a new stake in shares of Southside Bancshares during the 4th quarter worth approximately $218,000. Institutional investors and hedge funds own 55.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on SBSI shares. Stephens decreased their price objective on Southside Bancshares from $38.00 to $37.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Raymond James started coverage on Southside Bancshares in a research note on Tuesday, January 14th. They issued a “market perform” rating on the stock. Finally, StockNews.com downgraded Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Monday.

Southside Bancshares Stock Down 0.8 %

Southside Bancshares stock opened at $26.55 on Wednesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a 50 day moving average price of $29.91 and a 200 day moving average price of $32.15. Southside Bancshares, Inc. has a fifty-two week low of $25.30 and a fifty-two week high of $38.00. The company has a market capitalization of $806.70 million, a PE ratio of 9.12 and a beta of 0.58.

Southside Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Thursday, February 20th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $1.44 annualized dividend and a dividend yield of 5.42%. Southside Bancshares’s dividend payout ratio is presently 49.48%.

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 deposits.