Southside Bancshares (NYSE:SBSI) Hits New 52-Week High – Still a Buy?

Southside Bancshares, Inc. (NYSE:SBSI) shares hit a new 52-week high on Wednesday . The company traded as high as $35.50 and last traded at $35.37, with a volume of 5368 shares traded. The stock had previously closed at $34.90.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Piper Sandler started coverage on shares of Southside Bancshares in a research report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price target on the stock. Benchmark started coverage on shares of Southside Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, 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 research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Southside Bancshares presently has an average rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Price Performance

The business has a fifty day moving average of $33.25 and a two-hundred day moving average of $32.31. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 15.02 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%.The business had revenue of $70.28 million during the quarter, compared to the consensus estimate of $70.92 million. As a group, research analysts predict that Southside Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s dividend payout ratio (DPR) is currently 61.02%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Southside Bancshares by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock valued at $494,000 after acquiring an additional 701 shares during the period. Empowered Funds LLC grew its position in shares of Southside Bancshares by 5.4% in the first quarter. Empowered Funds LLC now owns 82,211 shares of the company’s stock valued at $2,381,000 after purchasing an additional 4,198 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Southside Bancshares by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the company’s stock valued at $2,038,000 after purchasing an additional 6,459 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Southside Bancshares during the first quarter worth approximately $1,520,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Southside Bancshares by 30.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the company’s stock worth $4,207,000 after purchasing an additional 33,443 shares during the period. Institutional investors and hedge funds 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.