Pingora Partners LLC Takes Position in Southside Bancshares, Inc. $SBSI

Pingora Partners LLC acquired a new position in shares of Southside Bancshares, Inc. (NYSE:SBSI) in the 2nd quarter, Holdings Channel reports. The fund acquired 58,375 shares of the company’s stock, valued at approximately $2,054,000. Southside Bancshares makes up 1.2% of Pingora Partners LLC’s investment portfolio, making the stock its 20th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Southside Bancshares by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock valued at $494,000 after purchasing an additional 701 shares during the last quarter. Empowered Funds LLC lifted its position in Southside Bancshares by 5.4% during the 1st quarter. Empowered Funds LLC now owns 82,211 shares of the company’s stock worth $2,381,000 after buying an additional 4,198 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Southside Bancshares by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the company’s stock worth $2,038,000 after buying an additional 6,459 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Southside Bancshares in the 1st quarter valued at about $1,520,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Southside Bancshares by 30.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the company’s stock valued at $4,207,000 after acquiring an additional 33,443 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SBSI. Benchmark initiated coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Weiss Ratings downgraded shares of Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 20th. Piper Sandler dropped their target price on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Stephens set a $37.00 price target on Southside Bancshares in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods dropped their price objective on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Southside Bancshares has a consensus rating of “Hold” and an average price target of $34.75.

Southside Bancshares Trading Up 0.4%

Shares of NYSE:SBSI opened at $32.04 on Thursday. The company has a market capitalization of $955.11 million, a P/E ratio of 12.61 and a beta of 0.60. Southside Bancshares, Inc. has a 1 year low of $26.32 and a 1 year high of $36.20. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.74 and a quick ratio of 0.74. The business’s 50 day simple moving average is $33.59 and its 200 day simple moving average is $32.74.

Southside Bancshares (NYSE:SBSI) last released its earnings results on Friday, July 24th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.86 by $0.04. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. The firm had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. On average, research analysts anticipate that Southside Bancshares, Inc. will post 3.24 EPS for the current fiscal year.

Southside Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be given a $0.37 dividend. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Thursday, August 20th. Southside Bancshares’s dividend payout ratio (DPR) is 58.27%.

Southside Bancshares Company Profile

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.