Southside Bancshares (NASDAQ:SBSI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “
Other research analysts have also issued reports about the company. BidaskClub lowered Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Monday, May 14th. Keefe, Bruyette & Woods restated a “hold” rating and set a $37.00 price target on shares of Southside Bancshares in a research report on Friday, July 27th. Five analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and an average target price of $38.00.
SBSI opened at $36.37 on Thursday. Southside Bancshares has a 52 week low of $31.43 and a 52 week high of $37.57. The firm has a market cap of $1.27 billion, a PE ratio of 18.75 and a beta of 0.77. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.21.
Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings results on Friday, July 27th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.02). Southside Bancshares had a return on equity of 9.07% and a net margin of 24.55%. The firm had revenue of $54.12 million for the quarter, compared to analysts’ expectations of $57.36 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. The company’s quarterly revenue was up 20.7% on a year-over-year basis. equities research analysts predict that Southside Bancshares will post 2.27 earnings per share for the current fiscal year.
In other news, insider Timothy F. Alexander sold 16,007 shares of the stock in a transaction on Monday, August 27th. The stock was sold at an average price of $35.36, for a total value of $566,007.52. Following the sale, the insider now directly owns 11,780 shares in the company, valued at $416,540.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 17.20% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SBSI. Wells Fargo & Company MN raised its stake in shares of Southside Bancshares by 7.6% in the first quarter. Wells Fargo & Company MN now owns 103,271 shares of the bank’s stock valued at $3,587,000 after acquiring an additional 7,250 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of Southside Bancshares in the first quarter valued at $483,000. Victory Capital Management Inc. raised its stake in shares of Southside Bancshares by 26.4% in the first quarter. Victory Capital Management Inc. now owns 31,510 shares of the bank’s stock valued at $1,095,000 after acquiring an additional 6,581 shares in the last quarter. Swiss National Bank raised its stake in shares of Southside Bancshares by 4.1% in the first quarter. Swiss National Bank now owns 48,618 shares of the bank’s stock valued at $1,689,000 after acquiring an additional 1,900 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Southside Bancshares by 3.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 141,459 shares of the bank’s stock valued at $4,915,000 after acquiring an additional 4,425 shares in the last quarter. Institutional investors and hedge funds own 48.04% 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 deposit.
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