Southside Bancshares (NYSE:SBSI) COO Sells $13,284.15 in Stock

Southside Bancshares, Inc. (NYSE:SBSI) COO John Craddock, Jr. sold 415 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $32.01, for a total value of $13,284.15. Following the completion of the transaction, the chief operating officer directly owned 4,378 shares in the company, valued at approximately $140,139.78. This trade represents a 8.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Southside Bancshares Trading Up 0.0%

Shares of SBSI stock traded up $0.01 during trading hours on Friday, hitting $32.09. 32,801 shares of the company were exchanged, compared to its average volume of 116,249. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $956.75 million, a P/E ratio of 12.64 and a beta of 0.58. The company has a 50 day simple moving average of $33.04 and a two-hundred day simple moving average of $32.66. Southside Bancshares, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $36.20.

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

Southside Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Thursday, August 20th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. Southside Bancshares’s payout ratio is 58.27%.

Analyst Upgrades and Downgrades

SBSI has been the topic of a number of recent research reports. Piper Sandler dropped their target price on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Benchmark began coverage on Southside Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Stephens set a $37.00 price objective on Southside Bancshares in a research note on Monday, July 27th. Keefe, Bruyette & Woods reduced their target price on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research note on Monday, August 3rd. Finally, Zacks Research downgraded shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Southside Bancshares has an average rating of “Hold” and an average target price of $34.75.

Institutional Trading of Southside Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quantinno Capital Management LP lifted its position in shares of Southside Bancshares by 75.6% during the 1st quarter. Quantinno Capital Management LP now owns 37,875 shares of the company’s stock valued at $1,178,000 after buying an additional 16,306 shares during the last quarter. Deutsche Bank AG purchased a new stake in Southside Bancshares in the 2nd quarter worth about $1,106,000. Pingora Partners LLC purchased a new stake in Southside Bancshares in the 2nd quarter worth about $2,054,000. Fifth Third Bancorp raised its stake in Southside Bancshares by 35,847.8% in the 1st quarter. Fifth Third Bancorp now owns 16,536 shares of the company’s stock valued at $514,000 after acquiring an additional 16,490 shares during the period. Finally, Empowered Funds LLC lifted its holdings in Southside Bancshares by 224.9% during the first quarter. Empowered Funds LLC now owns 100,298 shares of the company’s stock valued at $3,118,000 after purchasing an additional 69,431 shares during the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.

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.