Piper Sandler Initiates Coverage on Southside Bancshares (NYSE:SBSI)

Stock analysts at Piper Sandler started coverage on shares of Southside Bancshares (NYSE:SBSI) in a note issued to investors on Wednesday, MarketBeat reports. The firm set a “neutral” rating and a $35.00 price target on the stock. Piper Sandler’s price target indicates a potential upside of 7.69% from the stock’s current price.

A number of other research analysts have also commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Southside Bancshares in a research report on Friday, March 27th. Keefe, Bruyette & Woods boosted their target price on Southside Bancshares from $31.00 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, February 2nd. Wall Street Zen raised Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Hovde Group lifted their price objective on Southside Bancshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research report on Monday, February 2nd. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Trading Down 0.8%

SBSI opened at $32.50 on Wednesday. Southside Bancshares has a 1-year low of $26.32 and a 1-year high of $34.37. The stock has a market capitalization of $966.61 million, a PE ratio of 14.19 and a beta of 0.59. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. The firm has a 50-day moving average price of $31.69 and a two-hundred day moving average price of $30.64.

Southside Bancshares (NYSE:SBSI) last released its quarterly earnings results on Wednesday, January 28th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.10). The company had revenue of $71.99 million for the quarter. Southside Bancshares had a net margin of 15.61% and a return on equity of 10.72%.

Institutional Investors Weigh In On Southside Bancshares

A number of institutional investors have recently made changes to their positions in SBSI. Millennium Management LLC lifted its stake in Southside Bancshares by 388.2% in the third quarter. Millennium Management LLC now owns 251,429 shares of the company’s stock valued at $7,103,000 after buying an additional 199,930 shares during the period. Jane Street Group LLC acquired a new position in shares of Southside Bancshares during the 1st quarter worth about $1,520,000. Mackenzie Financial Corp acquired a new position in shares of Southside Bancshares during the 3rd quarter worth about $1,339,000. Invesco Ltd. increased its stake in shares of Southside Bancshares by 16.9% in the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the company’s stock valued at $8,541,000 after acquiring an additional 42,057 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Southside Bancshares in the 4th quarter valued at approximately $1,260,000. 55.70% of the stock is owned by institutional investors and hedge funds.

About Southside Bancshares

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.