Southside Bancshares (NYSE:SBSI) COO John Mitchell Jr. Craddock Sells 486 Shares

Southside Bancshares, Inc. (NYSE:SBSI) COO John Mitchell Jr. Craddock sold 486 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $33.38, for a total transaction of $16,222.68. Following the transaction, the chief operating officer owned 4,871 shares in the company, valued at approximately $162,593.98. This trade represents a 9.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Southside Bancshares Stock Up 1.7%

Shares of SBSI traded up $0.58 during mid-day trading on Tuesday, hitting $33.64. 77,376 shares of the company’s stock were exchanged, compared to its average volume of 104,950. The firm has a fifty day moving average of $32.58 and a two-hundred day moving average of $31.83. Southside Bancshares, Inc. has a twelve month low of $26.32 and a twelve month high of $34.53. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 14.25 and a beta of 0.58. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.66.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%. The company had revenue of $70.29 million for the quarter, compared to analyst estimates of $70.92 million. On average, sell-side analysts forecast that Southside Bancshares, Inc. will post 3.43 earnings per share for the current year.

Southside Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a $0.36 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.44 dividend on an annualized basis and a yield of 4.3%. Southside Bancshares’s dividend payout ratio (DPR) is presently 61.02%.

Institutional Trading of Southside Bancshares

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in Southside Bancshares by 1,083.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock valued at $28,000 after purchasing an additional 867 shares during the period. Kestra Advisory Services LLC bought a new stake in Southside Bancshares in the 4th quarter valued at $45,000. CIBC Private Wealth Group LLC bought a new stake in Southside Bancshares in the 3rd quarter valued at $45,000. GAMMA Investing LLC boosted its holdings in Southside Bancshares by 26.6% in the 4th quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock valued at $55,000 after purchasing an additional 380 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in Southside Bancshares by 4,703.5% in the 4th quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company’s stock valued at $83,000 after purchasing an additional 2,681 shares during the period. 55.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Piper Sandler assumed coverage on shares of Southside Bancshares in a research note on Wednesday, April 15th. They issued a “neutral” rating and a $35.00 target price on the stock. Weiss Ratings upgraded shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Southside Bancshares currently has an average rating of “Hold” and a consensus price target of $35.00.

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.