Southside Bancshares (NYSE:SBSI) Stock Price Down 1.7% – What’s Next?

Shares of Southside Bancshares, Inc. (NYSE:SBSI) dropped 1.7% during trading on Friday . The stock traded as low as $30.39 and last traded at $30.45. Approximately 84,963 shares were traded during trading, a decline of 36% from the average daily volume of 132,032 shares. The stock had previously closed at $30.98.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Southside Bancshares in a research note on Monday, December 29th. Hovde Group lifted their target price on shares of Southside Bancshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research report on Monday, February 2nd. Wall Street Zen raised shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Southside Bancshares from $31.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, February 2nd. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Stock Down 1.7%

The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60. The company has a 50-day simple moving average of $31.86 and a two-hundred day simple moving average of $30.42. The stock has a market cap of $905.58 million, a P/E ratio of 13.30 and a beta of 0.63.

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

Southside Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Thursday, February 19th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 19th. This represents a $1.44 annualized dividend and a yield of 4.7%. Southside Bancshares’s dividend payout ratio is presently 62.88%.

Hedge Funds Weigh In On Southside Bancshares

A number of hedge funds have recently modified their holdings of SBSI. Millennium Management LLC boosted its holdings in shares of Southside Bancshares by 388.2% during the third quarter. Millennium Management LLC now owns 251,429 shares of the company’s stock worth $7,103,000 after purchasing an additional 199,930 shares during the period. Jane Street Group LLC bought a new stake in shares of Southside Bancshares in the first quarter worth about $1,520,000. Mackenzie Financial Corp purchased a new position in Southside Bancshares during the 3rd quarter valued at about $1,339,000. American Century Companies Inc. increased its holdings in Southside Bancshares by 14.8% during the 2nd quarter. American Century Companies Inc. now owns 352,786 shares of the company’s stock valued at $10,382,000 after purchasing an additional 45,598 shares during the period. Finally, Invesco Ltd. raised its position in Southside Bancshares by 16.9% during the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the company’s stock valued at $8,541,000 after purchasing an additional 42,057 shares during the last quarter. Hedge funds and other institutional investors own 55.70% of the company’s stock.

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.