Southside Bancshares, Inc. (SBSI) to Issue Quarterly Dividend of $0.34 on September 1st

Southside Bancshares, Inc. (NASDAQ:SBSIGet Rating) announced a quarterly dividend on Thursday, August 4th, Zacks reports. Shareholders of record on Thursday, August 18th will be paid a dividend of 0.34 per share by the bank on Thursday, September 1st. This represents a $1.36 annualized dividend and a yield of 3.41%. The ex-dividend date is Wednesday, August 17th.

Southside Bancshares has a dividend payout ratio of 40.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Southside Bancshares to earn $3.37 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 40.4%.

Southside Bancshares Stock Performance

NASDAQ SBSI traded up $0.47 on Friday, hitting $39.89. 52,427 shares of the company’s stock traded hands, compared to its average volume of 67,104. The company has a current ratio of 0.64, a quick ratio of 0.66 and a debt-to-equity ratio of 0.30. Southside Bancshares has a 1-year low of $35.44 and a 1-year high of $45.36. The firm’s 50-day moving average price is $38.23 and its two-hundred day moving average price is $39.85. The firm has a market capitalization of $1.28 billion, a PE ratio of 11.94 and a beta of 0.57.

Southside Bancshares (NASDAQ:SBSIGet Rating) last posted its earnings results on Monday, July 25th. The bank reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.03. Southside Bancshares had a net margin of 40.84% and a return on equity of 13.17%. During the same quarter last year, the business posted $0.65 earnings per share. As a group, analysts expect that Southside Bancshares will post 3.31 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SBSI shares. Stephens lifted their target price on shares of Southside Bancshares to $43.00 in a report on Tuesday, July 26th. Piper Sandler cut their target price on shares of Southside Bancshares to $41.00 in a report on Monday, July 4th.

Insider Buying and Selling

In related news, insider Cindy Blackstone sold 2,005 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $39.44, for a total value of $79,077.20. Following the completion of the sale, the insider now owns 2,021 shares of the company’s stock, valued at approximately $79,708.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Southside Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SBSI. JPMorgan Chase & Co. increased its holdings in Southside Bancshares by 17.3% in the 1st quarter. JPMorgan Chase & Co. now owns 85,324 shares of the bank’s stock worth $3,484,000 after acquiring an additional 12,588 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Southside Bancshares by 22.6% during the first quarter. American Century Companies Inc. now owns 36,813 shares of the bank’s stock worth $1,503,000 after buying an additional 6,774 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Southside Bancshares by 13.5% during the first quarter. Citigroup Inc. now owns 28,795 shares of the bank’s stock worth $1,176,000 after buying an additional 3,423 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Southside Bancshares by 53.7% during the first quarter. MetLife Investment Management LLC now owns 17,437 shares of the bank’s stock worth $712,000 after buying an additional 6,090 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Southside Bancshares by 14.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,891 shares of the bank’s stock worth $1,139,000 after buying an additional 3,497 shares in the last quarter. Hedge funds and other institutional investors own 51.25% of the company’s stock.

About Southside Bancshares

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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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Dividend History for Southside Bancshares (NASDAQ:SBSI)

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